Michael Douglas in talks to play Ronald Reagan in new biopic Reykjavik

Democrat fundraiser Michael Douglas is reported to be in discussions to play the famously conservative Republican U.S. President Ronald Regan.

Michael Douglas is being considered for the lead role in the Cold War drama, Reykjavik, which takes place over a few days in 1986, when Ronald Reagan and Soviet leader Mikhail Gorbachev met for peace talks in the Icelandic capital.

The film, which takes place against the backdrop of the Chernobyl nuclear disaster, will be produced by Ridley Scott and have Harry Potter and the Goblet of Fire director Mike Newell behind the camera.

The $10 million political drama, which is scheduled to begin shooting in March in Germany, is still looking for a Mikhail Gorbachev.

It has been a busy year for Michael Douglas, 67, who was diagnosed with throat cancer in 2010 and underwent chemotherapy and radiation treatment.

Michael Douglas is currently wrapping up shooting on Behind the Candelabra, the Steven Soderbergh-directed movie based on the life of Liberace.

He stars as the flamboyant entertainer in the HBO film which also features Matt Damon, who plays his gay lover Scott Thorson,Rob Lowe, Dan Aykroyd and Debbie Reynolds.

Michael Douglas will also be starring in Last Vegas, a Hangover-style caper for the senior set, which costars Robert De Diro, Morgan Freeman and Kevin Kline.

His wife, Catherine Zeta-Jones, meanwhile will return to the big screen next year in Red 2, a sequel to the surprise-hit 2010 comic-book adaptation about a group of former black ops agents who reassemble when one of them becomes the target of an assassination plot.