She is known for her roles in Broadchurch, Twenty Twelve and Peep Show. The second season is set to pick up in 1956 and will cover the years through to 1963.
A spokeswoman for the show said the subscription service had confirmed seasons three and four and that Colman was "confirmed to star".
He told Variety past year: "You can't ask someone to act middle-aged. That informs everything we do", the series creator Peter Morgan told Variety ahead of the season one premiere.
Given that, Colman is indeed the apt choice for the portrayal of the role as this will mark her third portrayal of a royal role.
"What's so handsome about Claire is her youth", Morgan explained to Variety.
Foy has previously discussed her two-season role, explaining that a different actress will portray the monarch every couple of series as she ages. "You can't ask someone to act middle-aged". She has starred as the Queen Mother in Hyde Park on Hudson, and as Queen Anne in The Favourite. She supposedly watched the entire first season with the Earl and Countess of Wessex during a private screening party at Windsor Castle. Morgan, director Stephen Daldry, and producer Andy Harries all worked on The Audience starring Helen Mirren, but that might understandably be a bit redundant as a project.
The Crown season 2 will be available on Netflix this December 8.