Michael Douglas to play Reagan?

Actor is reportedly in line to play the former president in film about the Reyjavik peace talks

Michael Douglas is reportedly in talks to play Ronald Reagan in a new film set to be produced by Ridley Scott.

'Harry Potter' director Mike Newell is also said to be in the frame for 'Reykjavik', a cinematic re-telling of the peace talks which took place in the Icelandic capital in 1986.

[Related story: First pics of Michael Douglas in Liberace biopic]

Reagan... could be brought to the screen by Douglas (Copyright: PA)

Reagan met with Russian premier Mikhail Gorbachev after the Chernobyl disaster to work out the details of a peace agreement between the US and the USSR.

Producers are also now searching for the right actor to play Gorbachev.

The film is being financed by Participant Media, the company which is also funding the Spielberg-directed presidential biopic 'Lincoln', starring Daniel Day-Lewis as the reformer.

Meanwhile, Douglas is already starring in another biopic, playing Liberace in director Steven Soderbergh's 'Behind The Candelabra', alongside Matt Damon.