After a troubled couple of years in and out of courts, Lohan will star with Australian Grant Bowler (HBO's True Blood, Atlas Shrugged Part 1), who portrays British actor Richard Burton and Taylor's husband.

The film focuses on the famous Hollywood couple's roller-coaster relationship, from meeting on the set of the film Cleopatra in 1963 to their very public romance of 25 years and two marriages to each other.

"I have always admired and had enormous respect for Elizabeth Taylor," Lohan said in a statement. "She was not only an incredible actress but an amazing woman as well."

The black and white photo portrays the pair, showing the transformation Lohan has undergone, with makeup and hair to replicate Taylor's distinctive brunette beauty.

Per Lifetime, "the marriage of the century" was the "most notorious, publiciSed and celebrated love affair of its day."

The screenplay is by Christopher Monger, who wrote the script for the HBO's Emmy and Golden Globe winning film Temple Grandin starring Clare Danes. Liz & Dick is currently in production.

Lohan was last seen in Robert Rodriguez's Machete in 2010, as well as some television appearances.