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After much anticipation, Warner Bros. Pictures have released clips of the movie and confirmed that it will open the Cannes Film Festival in May 2014 and reach cinemas on 6 June.
A press release for the film, which sees Nicole, 46, transform into Hollywood star-turned-princess Grace Kelly, describes it as "a real-life fairytale, a sweeping romance, a portrait of the cinematic legend of Princess Grace and a realisation that love is much more than a passion, but an obligation."
Set in 1962, the film centres around Grace's life after she married Ranier III, Prince of Monaco, and retired from acting, and shows the dilemma she faced when her former silver screen collaborator Alfred Hitchcock offered her a part in his film Marnie.
"While contemplating overtures from Alfred Hitchcock to return to her career in Hollywood, Grace found herself plunged into a personal crisis when Ranier's modernisation of an ailing Monaco was halted by Charles de Gaulle - the French President - and his attempts to not only impose French taxation on Monaco, but reclaim the principality for France by force," a synopsis reads.
"The full-blown international crisis and impending French invasion that loomed - would pose a crisis not just for her family, her marriage and her country, but in Grace's private life.
Nicole Kidman as Princess Grace of Monaco
"It would become the moment in which a cinematic icon, an American far from home, would have to face a tough decision - return to her celebrated status as a movie star, globally loved and adored, or accept that she will never act again, embrace her new role and her new identity, her duty to her husband, her children, and the world's second smallest country that has now become her home."
The film, which also stars Sir Derek Jacobi, Frank Langella and Tim Roth as Prince Ranier, was originally intended for release at the end of November 2013, before the date was pushed back to 14 March 2014.
Rumours had circulated that the repeated delays were due to disagreements between the film's director, Olivier Dahan, and the filming studio.
The actress says the flick is not a biopic
Following criticism from Monaco's royal family, including Grace's three children, Prince Albert, Princess Caroline and Princess Stephanie, Nicole and Olivier were prompted to clear up confusion that the film was a biopic.
"This is not a biopic or a fictionalised documentary of Grace Kelly," said Nicole. "But only a small part of her life where she reveals her great humanity as well as her fears, and weaknesses."
"I am not a journalist or historian," said Olivier. "I am an artist. I have not made a biopic. I have done, in any subjectivity, a human portrait of a modern woman who wants to reconcile her family, her husband, her career. But who will give up her career and invent another role. And it will be painful.
"I understand their point of view," Olivier said of Albert, Caroline and Stephanie's criticism. "After all, it is their mother. I do not want to provoke anyone. Only to say that it's cinema."