Madonna, the queen of pop, has her eye on a king.She’s set to direct “W.E.,” a biopic about the affair between King Edward VIII and Wallis Simpson that led to the Brit royal abdicating the throne to marry his divorcee lover. Vera Farmiga (“Up in the Air”) is eyeing the plum role of Simpson. Madonna is writing the script with Alec Keshishian, who directed the multihyphenate in “Truth or Dare.” Former Miramax exec Colin Vaines and David Parfitt are producing the pic. This will be Madonna’s second directorial effort; her first, “Filth and Wisdom,” preemed at Berlin in 2008. CAA is handling domestic sales while IM Global has international.