Lindsay Lohan to play Elizabeth Taylor in Lifetime biopic, report says

LOS ANGELES, CA - JANUARY 11: Actress Lindsay Lohan attends the party hosted by the Weinstein Company and Audi to Celebrate Awards Season at Chateau Marmont on January 11, 2012 in Los Angeles, California. (Photo by John Shearer/Getty Images for Audi)
John Shearer
Actress Lindsay Lohan attends a party hosted by The Weinstein Company and Audi to celebrate awards season on Jan. 11, 2012, in Los Angeles.
John Shearer/Getty Images

(CBS) Lindsay Lohan will reportedly play the legendary Elizabeth Taylor in an upcoming biopic on Lifetime Network's TV movie "Liz and Dick."

The project has been in development since last May and is to be produced by Larry Thompson, reports Access Hollywood.

Pictures: Lindsay Lohan

Lohan, who has had many bouts with the law, will have to stay out of legal trouble in order to keep the role, a source told Access Hollywood. She is currently finishing up a community service assignment she received after pleading guilty last spring to stealing a necklace from a California jewelry store.

The 25-year-old will also make her fourth appearance as guest host on "Saturday Night Live" March 3. She was last seen on the big screen in 2010's "Machete" and on TV in 2009's "Labor Pains."

In December, Lohan appeared in Playboy magazine in a mostly nude pictorial.