Michael Douglas to Play Ronald Reagan in Indie 'Reykjavik' (Exclusive)

Michael Douglas is ready to be sworn in as the 40th president of the United States.

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The actor and active Democratic fundraiser is in discussions to star as the actor-turned-Republican President Ronald Reagan in the indie Reykjavik. Brit helmer Mike Newell (Harry Potter and the Goblet of Fire) is in talks to direct the film that once was being eyed by Ridley Scott as a directing vehicle.

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Reykjavik takes place over a few days in 1986, when Reagan and Soviet leader Mikhail Gorbachev met for talks in the Icelandic capital to iron out peace against the backdrop of the Chernobyl nuclear disaster. The producers now are looking to find their Gorbachev.

Participant Media, whose mandate is to create awareness of the issues that shape lives, will finance the $10 million film, which is scheduled to begin shooting in March in Germany. Participant is no stranger to hot-button political topics, having backed the Oscar-winning documentary An Inconvenient Truth as well as upcoming films whose subjects range from Abraham Lincoln to Chilean dictator Augusto Pinochet.

HanWay Films is handling international.

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Scott still is involved in the Cold War-era Reykjavik and will produce alongside Scott Free cohort David W. Zucker. Also onboard to produce are Mark Sennet and Stewart Mackinnon.

Kevin Hood (Becoming Jane) wrote the screenplay.

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With the Steven Soderbergh-helmed Liberace biopic Behind the Candelabra on tap as well as a starring role in the geriatric comedy romp Last Vegas, Douglas is enjoying a career resurgence. 

Newell's upcoming take on Charles Dickens' Great Expectations will screen at next month's Toronto International Film Festival.

Douglas and Newell are repped by WME. Newell is additionally handled by Independent Talent Group, which also reps Hood.