TV bosses at America's Lifetime network are bringing the model-actress' story to the small screen in a biopic and a number of famous faces are in contention for the lead role, reported Daily Express online.
"They are neck and neck. The producers love them both and it could come down to a final audition to determine who will get one of the most sought-after parts in Hollywood right now. Both women really wowed the producers, who were especially bowled over by how strikingly similar Christina with a blonde wig looked to Anna Nicole," a source said.
"The Artist" actor James Cromwell is rumoured to be signing up to play Smith's wealthy older husband, Texan billionaire J Howard Marshall, who died at the age of 90 just 14 months after their marriage.
Smith died at the age of 39 in 2007 after a drug overdose.
Her life story was previously told in an opera which ran at London's famous Royal Opera House last year.