Lohan and Fox compete for Liz Taylor role

Lindsay Lohan is facing competition from Megan Fox for the role of Elizabeth Taylor in a new TV movie.

It was already known that Lohan is in the frame to portray the late Hollywood legend in the upcoming biopic, and now executive producer Larry Thompson has revealed that he has also been in talks with former 'Transformers' actress Megan.

He told E! News: “I’ve been talking to Lindsay Lohan directly, and with her reps, and have been in conversations with other actresses, including Megan Fox.”

He added: “It’s a very serious selection. It’s like casting for Hollywood royalty.”