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The director, who has spoken out against Bush in the past, said he is aiming for a "fair, true portrait" of his subject in a similar style to The Queen.
He said the movie will touch on the President's relationship with his father, his heavy drinking and his conversion to Christianity, adding that it will "contain surprises for Bush supporters and his detractors".
No Country for Old Men star Josh Brolin is in talks to play the title role, with a script completed by Wall Street co-writer Stanley Weiser before the current writers' strike.
Stone told Variety: ''People have turned my political ideas into a cliché, but that is superficial. I'm a dramatist who is interested in people, and I have empathy for Bush as a human being, much the same as I did for Castro, Nixon, Jim Morrison, Jim Garrison, and Alexander the Great."
The 61-year-old, who has previously made movies about Presidents John F. Kennedy and Richard Nixon, hopes to begin filming in April.
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