The 47-year-old actor is circling the role of Russ Meyer, while a number of actors are courting to play Roger Ebert in the film, reported Deadline.
The film will center on provocative director Meyer and movie critic Ebert. They worked together in 1970's 'Beyond the Valley of the Dolls', which became Ebert's one and only screenwriting credit.
The upcoming movie will focus on the making of the 'Valley of the Dolls' and the controversy surrounding the film's X rating.
Ferrell last played lead role in 'Anchorman: The Legend Continues', voiced President Business in 'The Lego Movie', and produced 'Tammy'.
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