Michael Douglas is set to play former US president Ronald Reagan in a new movie.

The Oscar-winning actor - who is a huge supporter of the Democrat party - is in talks to portray the Republican leader in 'Reykjavik', a biopic set in 1986 soon after the Chernobyl nuclear disaster.

The movie will focus on the peace talks between Reagan and the then-Soviet leader Mikhail Gorbachev held in the Icelandic capital at the time.

According to The Hollywood Reporter, the role of Gorbachev has yet to be filled although British director Mike Newell is in talks to helm the project with Sir Ridley Scott and David W. Zucker on board to produce.

Michael - who successfully beat throat cancer after being diagnosed with it in 2010 - has just finished filming biopic 'Behind the Candelabra', the Steven Soderbergh-directed movie based on the life of Liberace.

Next year, Michael - who is married to actress Catherine Zeta-Jones - will be seen in 'Haywire' and 'Last Vegas', a comedy which also stars Robert De Niro, Morgan Freeman and Kevin Kline.