The Wall Street star is in talks to play the late Republican in indie movie Reykjavik, according to The Hollywood Reporter.
Mike Newell is in negotiations to direct the film about Reagan and Soviet leader Mikhail Gorbachev's 1986 peace summit meeting in Iceland, and Ridley Scott is onboard to produce the project.
If the actor signs up for the film, it won't be Douglas' first presidential role - he played fictitious U.S. leader Andrew Shepherd in 1995's The American President.
It also isn't the first time Reagan has been portrayed onscreen by a Hollywood star - James Brolin played the actor-turned-politician in TV movie The Reagans, Richard Crenna took on the role in 2001's The Day Reagan Was Shot and Alan Rickman will play the late president in Lee Daniels' new film The Butler.
Douglas is currently portraying late pianist Liberace in Steven Soderbergh's biopic.