The new musical was due to open in March at the Longacre Theatre in New York before the pandemic took hold.
Work is now be underway to film and stream the show online via Netflix with a release date to be confirmed.
The producers said: "We speak for the entire company when we say that we couldn't be more excited to finally be able share our show with theater lovers everywhere.
"Though there is no substitute for the live theater, we are honored to be a part of the quality entertainment that Netflix provides its subscribers worldwide."
The production is expected to then resume performances in 2021 once theatres are given the green light to reopen.
A synopsis of the show shares: "Diana is the electrifying new musical about a woman who chose to be fearless, and as a result became timeless.
"A princess thrust onto the world stage. The tabloid media captivated by her beauty and vulnerability. The globe's most celebrated monarchy disrupted. This is the story of the most famous woman of the modern age as she struggles to endure a spotlight brighter than any the world had ever known. Leading fiercely with her heart, Princess Diana stood up for her family, her country and herself. She defied expectations, she rocked the royals and she created a legacy that will endure forever."
The piece was written by Joe DiPietro and David Bryan (Tony Award-winning Best Musical Memphis) and is directed by Tony winner Christopher Ashley (Come From Away) with choreography by Tony nominee Kelly Devine (Rock of Ages) and music supervision and arrangements by Ian Eisendrath (Come From Away).
The Broadway cast is led by Jeanna de Waal as Diana and Roe Hartrampf as Charles. with Erin Davie as Camilla Parker Bowles and Judy Kaye as Queen Elizabeth