Lindsay Lohan is "very honoured" to be playing Dame Elizabeth Taylor in a biopic.

The 'Mean Girls' star has been confirmed to play the late actress in lifetime movie 'Liz & Dick' -- based on the true story of Elizabeth's tempestuous romance with actor Richard Burton -- and the blonde beauty insists she has "enormous respect" for the iconic star's life and work.

She said: "I have always admired and had enormous respect for Elizabeth Taylor. 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."

Lifetime network boss Rob Sharenow is "thrilled" Lindsay is taking up the role and he believes she is one of a few actresses who has the "talent, beauty and intrigue" to portray Elizabeth.

He said: "We are thrilled Lindsay will portray beloved Hollywood legend Elizabeth Taylor.

"She is one of the rare actresses who possesses the talent, beauty and intrigue to capture the spirit of such a provocative icon."

Filming for the movie -- which will be Lindsay's first since she appeared in 2010 action film 'Machete' -- is due to start in a few weeks in Canada.