• Will Ferrell (r) is set to portray former US President Ronald Reagan in a new drama. (AAP)Source: AAP
Actor set to play second-term President during the onset of his dementia.

29 Apr 2016 - 11:30 AM  UPDATED 29 Apr 2016 - 11:30 AM

Having already famously portrayed former President George W. Bush in various comedy sketches, Will Ferrell is now setting his sights on another former commander-in-chief.

Sources tell Variety Ferrell is attached to star as President Reagan in the Black List script Reagan.

Penned by Mike Rosolio, the story begins at the start of the then-president's second term when he falls into dementia and an ambitious intern is tasked with convincing the commander-in-chief that he is an actor playing the president in a movie.

SBS On Demand: Best movies about politics and power to stream in an election year
Give this collection of movies preferential treatment during the 2016 elections.

The script was so popular following its announcement on the Black List, an annual catalogue of the top unproduced scripts in Hollywood, that a live read was done recently done in March starring Lena Dunham and John Cho.

Ferrell will produce along with production banner Gary Sanchez Productions. The package currently is without a director, but will soon be shopped to studios.

Ferrell is no stranger to political humour having portrayed former President Bush several times over the years on Saturday Night Live. He would eventually take the impression to Broadway in the play You're Welcome America. He also starred in the political comedy The Campaign opposite Zach Galifianakis.

Best known for his live-action short films, Reagan marks Rosolio's big-screen debut.

Read more of the latest SBS Movies news

Watch a Will Ferrell movie at SBS On Demand