Michael Shannon and Kevin Spacey will be ‘Elvis & Nixon’ (respectively)

Ron Howard”s “Frost/Nixon” disappointed with only $18 million at the domestic box office. So the logical thought was, “Sequel!?” Well, say hello to “Elvis & Nixon,” the “Mothra vs. Godzilla” of the Richard Nixon franchise.

OK, “Elvis & Nixon” has nothing to do with Howard”s film, but it is an in-the-works docudrama starring two major talents that could prove even more fruitful than the Michael Sheen/Frank Langella pairing.

Production company BLOOM announced late Wednesday evening that Michael Shannon will play Elvis Presley against Kevin Spacey”s Richard Nixon in the based-on-a-true-story film. Liza Johnson (“Return,” “Hateship Loveship”) will direct “Elvis & Nixon” based on a script by Cary Elwes (of “Princess Bride” fame)and actors Hanala and Joey Sagal. Indie producer Cassian Elwes (“The Butler,” Cary”s brother) will produce alongside Holly Wiersma (“Dallas Buyers Club”).

“Elvis & Nixon” recounts the bizarre meeting between the King of Rock 'n' Roll and 37th President of the United States. On the morning of Dec. 21st, 1970, Elvis showed up at the door of the White House requesting a meeting with Nixon. His urgent request? The King wanted to be sworn in as an undercover Federal agent. If Nixon”s oval office recordings caught the dialogue on tape, “Elvis & Nixon” should have a fairly accurate idea of what went down.

“After the enormous success of ‘The Butler” I have a deep affection for films set in the White House as does the public,” said Cassian Elwes in a statement. “To work with Shannon and Spacey on this movie at the height of their careers is a dream come true.”

The acting duo add an Oscar-friendly touch to “Elvis & Nixon.” Shannon earned a Best Supporting nomination in 2009 for his work in “Revolutionary Road.” Spacey is a two-time Academy Award-winner, picking up his first statue for Best Supporting Actor in “The Usual Suspects,” followed by his memorable “American Beauty” Best Actor moment. This will be their first film acting opposite one another.