"I'm absolutely thrilled to confirm Imelda Staunton as Her Majesty the The Queen for the fifth and final season, taking The Crown into the 21st century," he said. "Imelda is an astonishing talent and will be a fantastic successor to Claire Foy and Olivia Colman."
"At the outset I had imagined The Crown running for six seasons but now that we have begun work on the stories for season five it has become clear to me that this is the perfect time and place to stop. I'm grateful to Netflix and Sony for supporting me in this decision."
The Harry Potter star thus will only have one season as head of the Windsor family, unlike Foy and Coleman who got two each.
Fans of the show had wondered just how contemporary the expected sixth season would be, and if it would chronicle the most recent controversies surrounding the royal family, such as Prince Harry and Meghan Markle's decision to step back from their royal duties and move to Canada, or The Queen's son Prince Andrew's connections to Jeffrey Epstein.
Royal biographer Angela Levin revealed earlier this month that Harry was not keen on being depicted on the show, telling her: "I'm going to make sure I stop it before they get to me."
Season three premiered on Netflix in November; fans now eagerly await what they now know will be the penultimate season.
Cindy Holland, Netflix VP of Original Content added: "The first three seasons of The Crown defined an era, and I know the upcoming fourth season will build further on that success. It's a stunning example of award-winning entertainment, created in the UK and loved by millions of fans around the world.
"I fully support Peter Morgan's creative decision and am excited to see how he, Imelda Staunton and the cast and crew of Season 5, bring this landmark series to a fitting and spectacular end."