According to "Entertainment Tonight," both Jolie, 35, and Zeta-Jones, 40, have expressed an interest in playing the dark-haired, violet-eyed screen legend. The film would tell of Taylor's storied romance with actor Richard Burton, based on Sam Kashner and Nancy Schoenberger's book "Furious Love: Elizabeth Taylor, Richard Burton, and the Marriage of the Century." Mike Nichols would reportedly direct.
Hollywood sources have also floated Russell Crowe, Clive Owen and Colin Farrell as possible Burtons.
Jolie cast doubt on rumors of her involvement when US Weekly caught up with her on the red carpet last week. "She had never heard that she was slated to play her," senior editor Ian Drew told ABCNews.com. "She said no one could play Liz Taylor but herself."
"Hold your horses world. I've been hearing all kinds of rumours about someone being cast to play me in a film about Richard and myself," she Tweeted. "No one is going to play Elizabeth Taylor, but Elizabeth Taylor herself."
Who Makes a Better Liz Taylor: Angelina Jolie or Catherine Zeta-Jones?
Even so, ABCNews.com couldn't help but wonder who would make a better Taylor: Jolie or Zeta-Jones. Both are Oscar-winning actresses, divas in their own right and tabloid favorites. Here, we size them up for you:
It would seem Jolie has the edge: She's been called the Elizabeth Taylor of her generation and her personal and professional life rivals Taylor's. Much as Taylor was in her day, Jolie is probably the biggest star of her generation, known around the world as much for her romances as her film roles.