The role of Kerry Packer will be played by actor Lachy Hulme in the Nine Network's mini-series focussing on the media mogul's creation of World Series Cricket.
The Offspring and Hollowmen star will play the role instead of actor Rob Carlton.
Carlton was widely expected to reprise his role in the Nine mini-series after starring as Packer in ABC's acclaimed Paper Giants: The Birth of Cleo last year.
However, The Sunday Telegraph reports that Carlton, who received an AACTA Award nomination for playing the mogul, was dumped in favour of Hulme after Nine Entertainment Co chief executive David Gyngell and producer John Edwards saw Hulme's audition tape.
Gyngell was reportedly "blown away" by Hulme's impersonation.
Carlton told The Sunday Telegraph: "I had a fantastic time on Paper Giants and was proud of the work I did."
"Obviously I was really looking forward to doing Kerry Packer with Channel Nine and I thought that's what we were all moving towards."
A potential sequel to Paper Giants is tipped for the ABC, though it is not known whether Carlton would reprise his role.
As well as being nominated, Carlton will also present at Tuesday's AACTA Awards which will be televised on Nine at 9:30pm.
Hulme will also star as miner Todd Russell in Nine's Beaconsfield telemovie which will air later this year, also produced by Edwards.
Howzat: The Kerry Packer Story will air later in the year.
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