Your simplest option is use a DVD+R DL or DVD-R DL blank DVD disc or a BD-R Blu-Ray blank. Use a BD-R only if the device you want to play this MP4 on supports reading from Blu-Ray BD-R discs.
If you're going to go for DVD DL media, don't use the ones you find in brick and mortar stores. Most of those are CMC Magnetics or other cheap media that fail half the time. Go online like Amazon.com and look for DataLifePlus series. NOT Life Series. Life Series is CMC.
If you want to play this MP4 file, you can't split it across 2 discs. If you're just archiving it, compress it to a ZIP/RAR, etc. with flie splitting options set. Then put one set of the files on one disc and the rest on the second. If you want to play this MP4 file, you'll need a single disc.
I suppose you might be able to recreate the MP4 with compression, but the resulting file will probably be unwatchable in terms of how it looks.
Oh, plus are you talking about an .MP4 file in this image file or a VIDEO_TS (playable DVD folder) or whatever Blu-Ray's folder is called? If it's a VIDEO_TS you created from an .MP4 file, you could try using DVDShrink to compress the VIDEO_TS to a VIDEO_TS that fits on a single layer recordable DVD. That's its function, after all. However, you will notice a change in the DVD video quality unless you're using an upscaling DVD player that will upscale the disc, like a Playstation 3.