Cold War drama eyes Douglas and Newell.

THR has learned that Michael Douglas is in talks to play America’s 40th President Ronald Reagan in the Kevin Hood-penned indie Cold War drama ‘Reykjavik.’

Set in the Icelandic capital, the movie focuses on the meeting between US president Ronald Reagan and Soviet leader Mikhail Gorbachev in 1986, a meeting which helped bring about the end of the Cold War. The role of Gorbechev has yet to be cast.

‘Harry Potter and the Goblet of Fire’ director Mike Newell is reportedly in negotiations to take the director’s chair on the film that was once being eyed by Ridley Scott. The ‘Prometheus’ helmer is still on board to produce along with Scott Free partner David W. Zucker.