01/17/2012 02:29 pm ET

Lindsay Lohan, Megan Fox Competing To Play Elizabeth Taylor Lifetime Biopic 'Liz And Dick'

Lindsay Lohan may have gotten off the hook in court on Tuesday morning, but the actress is now facing a possibility scarier than jail time: Losing the role of Elizabeth Taylor to Megan Fox in the upcoming Lifetime movie "Liz and Dick."

Last week, The Hollywood Reporter confirmed that Lohan was in early talks to immortalize the Hollywood legend, but it was recently reported that the deal is far from done.

"I've been talking to Lindsay Lohan directly, and with her reps, and have been in conversation with other actresses, including Megan Fox," the movie's executive producer Larry Thompson told E! News. "It's a very serious selection. It's like casting Hollywood royalty."

While Fox is appearing in "Friends With Kids" alongside Jon Hamm and Kristen Wiig and "This Is 40," out next December, Lohan's biggest project at the moment is clearing her criminal record and getting her career back on track. According to TMZ, a decision is rumored to be made early next week.