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The 49-year-old will tell the story of Blanco, who was once considered one of the richest and most dangerous women in the world. Here she is:
The Modern Family star is also the executive producer of the six-part miniseries and has been working alongside the creative team that made Narcos.
According to Entertainment Weekly, the show will consist of 50-minute long episodes and will follow the Colombian drug boss' ruthless and violent ways of doing business.
The Colombian was part of the Medellín cartel, the same racket as Pablo Escobar, and was sometimes referred to as a drugs 'queenpin'. She was shot dead in 2012, aged 69.
Colombian-born Vergara has long been interested in playing Blanco and has been working on the project for eight years.
Speaking about the show, Vergara said: "Griselda Blanco was a larger-than-life character whose ruthless but ingenious tactics allowed her to rule a billion dollar empire years before many of the most notorious male kingpins we know so much about.
"We are thrilled to have found the perfect partners in Eric [Newman, writer and executive producer], Andrés [Baiz, executive producer] and Netflix to help us bring this story of her life to the screen.”
Also commenting on the upcoming show, Eric Newman added: "Griselda Blanco has long been a passion project for Sofia and we are grateful that she and her partners at LatinWe have chosen us to help her tell that story.
"Sofia is a brilliant talent and her passion combined with a fantastic story from Doug and Ingrid, and the amazing Andrés Baiz at the directing helm, means we have a very exciting series to share with audiences.”
A synopsis for the show reads: "Griselda chronicles the real-life of savvy and ambitious Colombian businesswoman Griselda Blanco, who created one of the most profitable cartels in history.
"A devoted mother, Blanco's lethal blend of charm and unsuspecting savagery helped her expertly navigate between family and business leading her to become widely known as the Black Widow."
It's not entirely clear when the show will be available on Netflix just yet.
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