This screen grab shows Dan Rather presenting a report on the Bush story in September 2004.
Cate Blanchett is set to star opposite Robert Redford in Truth, a true story of US media scandal around the Bush administration.
Blanchett will play Mary Mapes, an award-winning journalist and producer for CBS 60 Minutes anchor Dan Rather, who will be played by Redford.
Cate Blanchett will play Mary Mapes, Rather's producer, who lost her job over the George W. Bush draft dodging claims. Photo: Danny Moloshok
The pair come undone over a 2004 segment claiming then-president George W. Bush had received preferential treatment by not being sent to serve in the Vietnam War.
The story relied on what turned out to be forged memos and while Rather survived another two years after "Rathergate", Mapes was sacked. She continued to deny any wrongdoing.
James Vanderbilt, the screenwriter behind The Amazing Spider-Man and Zodiac, will make his directorial debut as well as adapting the screenplay from Mapes' memoir, Truth and Duty.
Robert Redford will play legendary US newsman Dan Rather in Truth. Photo: Fred R. Conrad
Blanchett has not put her feet up since winning a second Academy Award in Woody Allen's Blue Jasmine last year.
She lent her voice to How to Train Your Dragon 2, played a drunken lesbian in an episode of the Australian TV show Rake and continued her work on The Hobbit franchise.
Blanchett films slated to appear this year include the The Hobbit: The Battle of the Five Armies and the Terence Malick-directed Knight of Cups, co-starring Christian Bale and Natalie Portman. She will also appear as Lady Tremaine, the wicked stepmother, in the 2015 Disney update of Cinderella.
Playing high-profile journalists should not be too much of a stretch for Redford or Blanchett, who have both done it before.
Redford spent months visiting Washington Post offices as he prepared to take on the role of legendary newsman Bob Woodward for the 1976 Watergate film All the President's Men
Blanchett, meanwhile, garnered a 2003 Golden Globe nomination for her portrayal of a fearless Irish crime reporter in Veronica Guerin.