Christopher Monger ("Temple Grandin") will write the script; principal photography is scheduled to begin in early June in Los Angeles.
"I have always admired and had enormous respect for Elizabeth Taylor," said Lohan in a statement. "She was not only an incredible actress but an amazing woman as well. I am very honored to have been asked to play this role."
"[Lohan] is one of the rare actresses who possesses the talent, beauty and intrigue to capture the spirit of such a provocative icon," added Sharenow.
Here's how Lifetime characterizes the film: "For nearly a quarter of a century, Taylor and Burton were Hollywood royalty and their fiery romance — often called 'the marriage of the century' — was the most notorious, publicized and celebrated love affair of its day. Swarmed by paparazzi, Taylor and Burton's love affair was played out entirely in front of the global press from the time they met on the set of the major motion picture 'Cleopatra,' left their respective spouses, married and divorced, only to remarry and divorce once again. Despite their roller coaster romance for the public eye to see, Taylor and Burton shared an undeniable love greater than most people could have ever dreamed."
"Liz & Dick" will be produced by Larry A. Thompson Productions, Inc. Thompson will serve as executive producer. Lohan, who is also set to make a guest appearance on the Fox hit musical series "Glee," has been seen in the films "The Parent Trap," "Mean Girls" and "Freaky Friday," among others. She has also appeared on the television series "Ugly Betty."
Taylor, who was nominated for a Tony Award in 1981 for her performance in The Little Foxes, was also seen on Broadway in Private Lives. For more on Taylor's theatrical history, visit the Playbill Vault.