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Sources said Cheadle is negotiating to star opposite Sean Penn in the indie feature.
Set during the '70s, 'Nixon' centres on the true story of Philadelphia furniture salesman Sam Byck (Penn), who hatches a plot to kill Richard Nixon after Byck's attempts to live out the American dream are dashed. Byck had planned to hijack a commuter flight in Atlanta and crash the airliner into the White House.
Cheadle will play Byck's only friend, Bonny, a mechanic with whom Byck wanted to start up a business.
'Nixon' writer-director Niels Mueller, who co-authored the 'Nixon' script with Kevin Kennedy, also co-penned Miramax Films' 'Tadpole'.
Cheadle appears in such upcoming projects as Paramount Classics' 'The United States of Leland' and his directorial debut, 'Tishomingo Blues'.
Penn's upcoming credits include Alejandro Gonzalez Inarritu's '21 Grams' and Thomas Vinterberg's 'It's All About Love'.
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