The project is based on author Stacy Schiff's upcoming biography "Cleopatra: A Life," which Rudin bought the rights for back in 2006.
In "A Life," the Pulitzer Prize-winning Schiff tries to dispel the movie myths that Cleopatra was simply a seductress, instead focusing on the legendary Queen as a military architect and firm ruler.
Schiff says Jolie's casting would be most-welcome.
"Physically, she's the perfect look," Schiff tells USA Today.
The last time Hollywood took a stab at "Cleopatra" was the famed 1963 version starring Elizabeth Taylor. Considered one of the most expensive movies ever made, "Cleopatra" went on to win four Academy Awards but nearly bankrupt 20th Century Fox in the process. The studio was subsequently forced to sell-off a good chunk of its backlot, which is now the heart of Century City.
Jolie can next be seen in Columbia's "Salt," which hits theaters July 23.
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