Lindsay Lohan Working on Elizabeth Taylor Role

In case you haven't heard -- Lindsay just inked a deal with Lifetime to play Liz Taylor in the network's new made-for-TV biopic called "Liz and Dick." Production is scheduled to kick off late March, after Lindsay's probation is terminated.

Lindsay is telling friends, she's taking her new gig extremely seriously -- "obsessing over getting the part right" for the film.

According to sources, Lindsay is doing nothing but watching old Liz Taylor movies to help her recreate the Hollywood icon's posture, speech, and every other little detail.

We're told Lindsay has also been watching old Liz interviews online and reading a bunch of Liz biographies.