Michael Douglas has been tipped to play the role of Ronald Reagan in ‘Reykjavik’, an upcoming film from British director Mike Newell.

The movie will revolve around the former GOP hero’s meetings with Soviet leader Mikhail Gorbachev in an Icelandic spa, where the two leaders set about ending the Cold War.

A successful Hollywood actor-turned-politician, Ronald Reagan served two terms as President of the United States of America.

Douglas’s rep confirmed to E! News that the Wall Street star is indeed in talks, but said that nothing has been signed yet. Ridley Scott is also onboard to produce.

The 67-year-old has played the a presidential role before alongside Annette Bening and Martin Sheen in the 1995 romantic drama "The American President."

Michael Douglas