The 51-year-old actor - who plays a Secret Service agent in the upcoming film - and director Doug Liman want to cast screen legend as an alcoholic, womanising, former US president.
According to The Hollywood Reporter, the pair visited Nicholson's Hollywood Hills home to persuade him to take the job and Cruise - who worked with Nicholson in 1992's 'A Few Good Men' - won't do the movie without him.
The 76-year-old actor is currently reading the script, which was written by Jesse Armstrong and Daniel J. Goor and rewritten by Paul Attanasio.
Nicholson reported earlier this year to have retired from acting after a career spanning five decades, which has seen him appear in many iconic films including 'The Shining', 'Batman', 'Easy Rider' and 'Chinatown'.
Jack Antonoff hears a ''female voice'' in his head when he writes music.
The show will be seen by everybody at the same time.
The Scottish comedian has been speaking about gaining a knighthood in the Queen's Birthday Honours List.
With Will Smith and Martin Lawrence fronting the franchise, 'Bad Boys' was a huge success for Sony Pictures upon its initial release in 1995.
The creator will be able to give her input during season 2 production.
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