The actress will play Donatella Versace, who took over the iconic fashion company after the murder of her brother Gianni (Edgar Ramirez). Darren Criss also stars in the 10-episode anthology as Andrew Cunanan, the serial killer who assassinated Gianni and committed suicide eight days later.
This marks Cruz's first major TV role, although her film credits are extensive. In 2009, she won an Oscar for her role in Vicky Cristina Barcelona and she's been nominated two additional times, for Nine and for Volver.
Versace will be the third installment of the Emmy-winning series American Crime Story. Both Versace and the second season, Katrina, will air in 2018. Murphy has already begun working on a fourth season which will tackle the Monica Lewinsky scandal.