Lindsay Lohan has officially been signed on to play Elizabeth Taylor in the upcoming Lifetime movie, Liz and Dick.

The casting announcement came while Rosie O'Donnell was appearing on The Today Show with Matt Lauer and guest Donny Deutsch.

After hearing Lilo had landed the role, O'Donnell said:

    "I feel very sorry for her ... I think she needs a lot of time away ... She's had a lot of trouble doing every single movie, including SNL. She was out and not in rehearsal. I think she's not in a place to work."

Deutsch said to Rosie, "She's our generation's Elizabeth Taylor."

Rosie replied:

    "You're out of your mind! You're a crackhead! The last thing she did good she was sixteen. I don't think she's right for the role and I don't think she's capable at this point to portray that character."

Yikes! The movie's producer, Larry Thompson, feels differently. He tells E! News. "Well, we have more than a Plan B actually ... [because] Lindsay Lohan may be the most insured actress that ever walked on a soundstage."