Photo: Lindsay Lohan/Twitter
Speaking about the film, Lohan said in a statement, "I have always admired and had enormous respect for Elizabeth Taylor. She was not only an incredible actress but an amazing woman as well. I am very honoured to have been asked to play this role".
So we're guessing that Lohan is pretty pleased with landing the coveted part. In fact, she's already getting into character.
Soon after the news broke, Lohan took to Twitter to change her profile image to a picture of herself, doing her best Liz Taylor impression.
Lohan at the amfAR Gala. Photo: PA
She's got the brunette curls sorted, now there's just the small matter of finding an actor to play the part of Richard Burton...
Let us know how you rate Lindsay's Liz look and see more of the star in her style evolution below.
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- 1999<p> </p> <p> 'Anywhere But Here' film premiere, New York, America - 8 Nov 1999</p>

- 2001<p> Lindsay in 2001 at the HBO film premiere of 'Dinner with Friends'.</p>

- 2002<p> Lalaine record release party, on 16th December 2002</p>

- 2003<p> </p> <p> Nicole Miller fashion show Autumn/Winter 2003 09 February 2003</p>

- 2003<p> </p> <p> Stuff Magazine pre VMA party, 27th August 2003</p>

- 2003<p> Food for thought luncheon at the Wynham Bel Age Hotel, 30th April 2003</p>

- 2003<p> </p> <p> Teen choice awards 2nd August 2003</p>

- 2004<p> </p> <p> MTV movie awards 5th June 2004</p>

- 2004<p> </p> <p> Teen choice awards 8th August 2004</p>

- 2004<p> </p> <p> Z100 Jingle ball concert 10th December 2004</p>

- 2005<p> 'Hostage' film premiere, 8th March 2005</p>

- 2005<p> American music awards 22nd November 2005.</p>

- 2005<p> </p> <p> Hosting a New Years Eve party at Prive 31st December.</p>

- 2006<p> 'Donna Karan Gold' fragrance launch party at the Donna Karan shop,16th November 2006.</p>

- 2006<p> GQ Magazine Men of the Year Dinner, Sunset Tower Hotel, 29th November 2006.</p>

- 2007<p> After party for the premiere of 'The Tudors' TV series at Les Deux Nightclub, 26th March 2007.</p>

- 2007<p> </p> <p> Us Weekly Magazine's 'Hot Hollywood 2007' awards, 26th April 2007</p>

- 2008<p> </p> <p> Lindsay Lohan and Samantha Ronson at the Louis Bar and Lounge, 13th December 2008</p>

- 2008<p> </p> <p> 'Cloverfield' film premiere, 16th January 2008.</p>

- 2008<p> MySpace Holiday Party at Tenjune, 4th December 2008.</p>

- 2009<p> Nu Pop Movement Launch Party, 12th November 2009.</p>

- 2009<p> </p> <p> Armani Exchange Celebrates the Launch of AX Watches at the SLS Hotel, 15th April 2009.</p>

- 2009<p> </p> <p> G-Star SpringSummer 2010 Fashion Show, Mercedes-Benz Fashion Week, New York, 15th September 2009.</p>

- 2010<p> Lindsay Lohan seen out and about in New York, 28th June 2010.</p>

- 2010<p> </p> <p> MTV Movie Awards, Los Angeles 6th June 2010.</p>

- 2011<p> Lindsay Lohan arrives at court for probation progress hearing in Los Angeles on 19th October 2011.</p>

- 2011<p> </p> <p> 'Saints Row The Third' video game launch, 12th October 2011</p>

- 2011<p> </p> <p> Kim Kardashian's Bridal Shower, 23rd July 2011.</p>

- 2012<p> </p> <p> The 69th Annual Golden Globe Awards, Weinstein After Party, 15th January 2012.</p>

- 2012<p> </p> <p> Terry Richardson's 'Terrywood' exhibition opening, OHWOW Gallery, 24th February 2012.</p>

