Lindsay Lohan has finally secured the role to play Elizabeth Taylor.

There had been rumours for some time that she would take on the lead character in Lifetime Original Movie, Liz & Dick.

But the news was confirmed today and the 25-year-old actress is thrilled to take on the coveted part.

"I have always admired and had enormous respect for Elizabeth Taylor," Lindsay said 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."

The love story of Elizabeth, who passed away last March at 79, and her ex-husband Richard Burton is one of Hollywood legend.

The pair met on the set of Cleopatra in 1963 and left their respective spouses to be together. They tied the knot but divorced 10 years later. They then remarried in October 1975 but divorced again in 1976.

"[Lindsay] is one of the rare actresses who possesses the talent, beauty and intrigue to capture the spirit of such a provocative icon," Lifetime Network EVP Rob Sharenow said.

Lindsay's last major role was in 2009's Labor Pains. She was recently taken off formal probation after a lot of legal issues but is on informal probation until May 2014.