The legendary journalist, who is apparently close to Lohan, reached out to the actress for an interview when she was cast to portray the late Elizabeth Taylor on Lifetime's upcoming biopic Liz & Dick, reports TMZ.
Lohan and Walters will sit down together for an interview "in the next few weeks", which is planned to air in November to coincide with the debut of Liz & Dick.
The Lifetime movie will premiere on Sunday, November 25 at 9pm ET.
The pair are said to be likely to discuss the comparisons between the lives of Lohan and Taylor.
Lohan also can be seen in the new film The Canyons, opposite porn actor James Deen.
Watch a teaser trailer for The Canyons below: