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'.
Gendry has been living under Cersei Lannister's nose for quite some time now.
The director would love to take the films in a different direction.
He'll be performing a new residency at an intimate theatre.
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