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The Playboy tycoon reportedly wants Downey Jr. to take the lead role following his acclaimed portrayal of Tony Stark in superhero blockbuster Iron Man.
A representative for the actor said he would be interested in the Brian Grazer-produced film if the right script and director could be found, reports the Chicago Sun-Times.
Hefner's friend Leonardo DiCaprio was previously tipped to play him.
Playboy is scheduled to begin shooting next summer.
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