Sources close to Lindsay tell TMZ she has been close to Walters for years and that Barbara reached out to her about doing an interview when it was announced she'd playing Liz Taylor in the upcoming "Liz & Dick" biopic.

We're told LiLo has been hesitant about sit-down interviews because she fears being asked questions she's not prepared for. But our sources say Lindsay trusts Barbara not to take things too far.

According to our sources, Lindsay and Barbara will sit down sometime in the next few weeks. We're told the interview will focus on the parallels between the lives of Lindsay and Liz Taylor -- things like child stardom, a rough childhood, living life in the public, and also dealing with addiction.