I know that it actually happened. I'll try to find some source(s) for you. Ah,
this article may well be relevant, although it is in Dutch. To summarise the relevant bits:
Initially, the Dutch Estates-General had invited Francois of Anjou, the brother of Henry III of France, to become their sovereign in 1577. Crucial is the fact that the Dutch considered each province to be fully autonomous, joined voluntarily in a confederal league. Essentially, each province would have to accept any sovereign. Each province had its own magistrates, laws et cetera-- and the sovereign was only intended to be the highest adjudicator, basically. Francois soon grew frustrated with the limitations, attempted a coup in 1578, which failed, and had to go back to France.
Fearful of their lose confederation falling apart, the Dutch still wanted a sovereign. In the summer of 1578, Francois having been sent packing, the Dutch offered Elizabeth I the position of 'Higher Power' over their confederation. This was intended to be either as such a mediating sovereign as Francois had declined to be, or as a permanent protector (entailing essentially the same function). What the Dutch wanted in exchange for the offer was money. The British inquired under which term any funding would be repayed, and the Dutch suggested that Elizabeth gaining ownership of their country would mean that... there would be no cause for any repayment.
To accept such a position would force Elizabeth into permanent war against Spain, or at least for as long as hostilities between the Netherlands and Spain persisted (which, as we know, turned out to be quite a while). As such, Elizabeth was wary. Robert Dudley, the Earl of Leicester, suggested that the Dutch ask her to appoint a governor who would rule in her name, thus allowing for military support and permanent alliance, but not obligating Elizabeth to become entangled in a war against Spain which could drag on and on. This was ultimately agreed upon, which resulted in the first recognition of the Dutch state, namely by Britain, under the terms of the first treaty the Dutch entered into (namely with Britain).
Leicester was pretty much in charge of the Netherlands as of that point, but remained a subject of Elizabeth. The Dutch understood this to mean that she had accepted sovereignty, and that Leicester was her governor. Leicester supported that interpretation.
She did not. she was furious about the persumption, sent missives with exoplicit denials of such a situation having ever existed, and ordered Leicester to formally resign his governorship.
Only after much pleading did she accept the possibility whereby Leicester remained as governor, but with the understanding that this position had been bestowed by the Dutch Estates-General. This would make
him the Dutch sovereign, and a mere ally to Britain. He would remain a subject of Elizabeth, and the Dutch state would essentially be a British vassal state. However, so much damage had been done to Leicester's credibility that he could not hope to maintain that position. He ultimately absconded back to England, and that ended the notions of British overlordship over the Dutch.