Director Jon M. Chu is currently in negotiations to direct Sony Pictures and Escape Artist’s live-action “Masters Of The Universe” film based on the popular Mattel toy line.

Chu is currently in the middle of converting G.I. Joe: Retaliation into 3D and shooting new scenes for the film, which was pushed to a March 29, 2013 release by Paramount.

From Deadline:
“The Masters film revolves around He-Man, a prince who transforms into a warrior and becomes the last hope for a magical world that has been ravaged by the sinister Skeletor.”

If Sony’s “Masters of the Universe” ever comes to fruition, it would be the second live-action He-Man film made. The original, which starred Dolph Lungden as He-Man and Frank Langella as Skeletor came out in 1987 and is wildly hailed as box office failure. Since then, several studios have tried to resurrect the franchise but with little to no success.

“Masters of the Universe” is written by Alex Litvak and Mike Finch. Litvak scripted The Three Musketeers and Five Against A Bullet, and Finch scripted Exclusively Yours. According to Deadline, “the scribes developed the script under the title Grayskull, but it has gone back to the Mattel brand.”

Source: Deadline

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