Ronald Reagan, Michael Douglas

AP Photo/Dennis Cook; Paul Drinkwater/NBC

Michael Douglas could be suiting up to play a president…again!

The 67-year-old actor, who played fictional Commander in Chief Andrew Shepard in 1995's The American President, is in talks for the role of Ronald Reagan in the upcoming indie flick Reykjavik, according to The Hollywood Reporter. Douglas' rep confirmed to E! News that the Wall Street star is indeed in talks, but said that nothing has been signed yet.

Reykjavik will follow Reagan's 1986 trip to the Icelandic capital where he and Soviet leader Mikhail Gorbachev met—in a spa no less—for peace talks following the infamous Chernobyl nuclear disaster.

Harry Potter and the Goblet of Fire director Mike Newell is in talks to direct with Ridley Scott on board to produce, THR reports.

Before Douglas' potential return to the Oval Office, this time as the Gipper, he'll be playing another famous face: flamboyant singer and pianist Liberace in the TV movie Behind the Candelabra in which he gets some same-sex smooching time with Matt Damon.

"It's scripted that there's more than one," Damon has told us. "I never thought I would get to kiss Michael Douglas."

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