(From left): Lindsay Lohan, Elizabeth Taylor, Megan Fox
Kristy Sparow/WireImage; Everett; Retna
01/17/2012 AT 11:55 AM EST
was the ultimate Hollywood starlet with a glittering on-screen presence and eyes of violet.
And with a Lifetime biopic in the works, that's a lot to live up to for a lucky leading lady. The It Girls possibly up for the role: Lindsay Lohan
and, more recently, Megan Fox
"I've been talking to Lindsay Lohan directly, and with her reps, and have been in conversations with other actresses, including Megan Fox," Larry Thompson, executive producer of Lifetime's Liz and Dick
, tells E! News
He added of Lohan and Fox, both 25: "It's a very serious selection. It's like casting for Hollywood royalty."
Lohan's rep wouldn't discuss on the possible casting news, telling PEOPLE, "Until an agreement is reached, we're not commenting."
Although Lohan is reportedly still a frontrunner for the role in the movie, which has a title referencing the superstar romance between Taylor and Richard Burton
, whether she gets the role may have more to do with her personal life than her acting abilities.
Lohan, who is due back in court
Tuesday, is on probation until the end of March. (She must complete a total of 54 days at the morgue and 18 therapy sessions by March, or she'll face a possible 270-day jail sentence
for violating probation in her DUI and necklace-theft cases.)
But Fox's track record isn't perfect either: She was famously fired
from the Transformers
smash series in 2010.
Ironically, Fox and Lohan played rivals in 2004's book-to-film adaptation Confessions of a Teenage Drama Queen