Megan Fox in competition with Lindsay Lohan for the role of Elizabeth Taylor

On the heels of last week’s news that troubled starlet Lindsay Lohan was in talks to portray Elizabeth Taylor in a forthcoming TV biopic about the late movie star, it’s now being reported that the Lifetime network is also considering “Transformers” sexpot Megan Fox for the role.

“I’ve been talking to Lindsay Lohan directly, and with her reps, and have been in conversations with other actresses, including Megan Fox,” the film’s executive-producer Larry Thompson told E! news in an exclusive interview.

Now reportedly (and perhaps unwisely) titled “Liz and Dick” (hmm…), the biopic will focus on Taylor’s stormy on-again, off-again romance with actor Richard Burton. Downplaying any implication that he and the network’s consideration of Fox undermined Lohan’s chances of scoring the part, Thompson made sure to point out that considering two or more actresses for such a pivotal role is par for the course in Hollywood.

“It’s a very serious selection,” he went on. “It’s like casting for Hollywood royalty.” 

As noted by E!, Lohan’s chances for being cast could be complicated seeing as she’s currently on probation and will be until the end of March; Thompson, meanwhile, hopes to begin shooting the film in Canada as early as this spring. On the upside, reports indicate that Lohan (who made an appearance at the Weinstein Co.’s Golden Globe party on Sunday night) received a positive progress assessment from an L.A. County judge at a court hearing today.

Though Fox could perhaps pull off the role looks-wise, throwing her hat in the Lifetime ring may be just a tad premature for her at this point, Liz Taylor biopic or not. While her big-screen career has admittedly lost quite a bit of steam over the last couple of years, she’s got significant supporting roles in two major upcoming comedies – “Friends with Kids” opposite Jennifer Westfeldt, Kristen Wiig, Jon Hamm, Maya Rudolph and Adam Scott; and Judd Apatow’s “Knocked Up” spin-off “This is 40” with Jason Segel, Leslie Mann, Paul Rudd and Melissa McCarthy, among others.

Lohan, on the other hand, would be lucky to get cast in anything at this point.

Do you think Fox or Lohan would be a better choice for the Elizabeth Taylor role? Sound off in the comments!