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Michael Douglas in talks to play Ronald Reagan in indie film "Reykjavik"

Michael Douglas, left, and former President Ronald Reagan.
Michael Douglas, left, and former President Ronald Reagan.

(CBS News) Michael Douglas could be taking on a presidential role.

According to the Hollywood Reporter, the actor is in talks to play former President Ronald Reagan in the independent film "Reykjavik."

Pictures: Michael Douglas

Douglas' rep confirmed Thursday to E! News that the star is in talks to take on the role, but said nothing has been signed yet.

The film takes place in 1986, when Reagan met with Soviet leader Mikhail Gorbachev in the Icelandic capital for peace talks following the Chernobyl nuclear disaster, THR reports. Producers have not yet cast an actor to play Gorbachev.

The film is reportedly scheduled to begin shooting in Germany in March. Ridley Scott is producing the project, and Mike Newell ("Harry Potter and the Goblet of Fire") is in talks to direct, according to THR.

If Douglas signs on for the role, it won't be his first time playing a president - he played a fictional one in the 1995 film "The American President."

Douglas also took on the role of Liberace for the upcoming HBO film "Behind the Candelabra," and will star in the comedy "Last Vegas" alongside Robert DeNiro, Morgan Freeman and Jack Nicholson.