Megan Fox is in negotiations to play the late Dame Elizabeth Taylor in a new movie.

The 'Jonah Hex' star is in competition with Lindsay Lohan for the part in made-for-TV production 'Liz and Dick' for the Lifetime channel, the film's executive producer Larry Thompson has confirmed.

He told E! News: "I've been talking to Lindsay Lohan directly, and with her reps, and have been in conversation with other actresses, including Megan Fox.

"It's a very serious selection. It's like casting for Hollywood royalty."

According to TMZ.com, Lindsay is said to be particularly keen to win the role following a troublesome year, and wants to complete her community service order - placed on her as a result of a 2007 DUI (driving under the influence) case - in quick time.

The contract for the part could be signed as early as next week, and should the 'Mean Girls' actress keep up her speedy work she is expected to be finished with her probation by the end of March, meaning she would be free when the film begins shooting in Canada in spring.