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McG Goes 20,000 Leagues Under the Sea

Director McG is set to direct Disney's 20,000 LEAGUES UNDER THE SEA: CAPTAIN NEMO, an origin story of the captain as he creates his warship, the Nautilus, per VARIETY.

The characters will come from the Jules Verne novel that was the basis of Disney's 1954 20,000 LEAGUES UNDER THE SEA, which Walt Disney famously bet his studio on. The film is best remembered for the giant squid scene, but was the second-highest grossing film of the year, won three Oscars and has been the basis of more than one theme park ride through the years.

McG recently wrapped production on TERMINATOR: SALVATION, and may still supervise development and direct the next installment. 20,000 LEAGUES is expected to be the next film he directs, though, as Disney is hoping to make the film this year. Mulitple studios were vying for his time, and sources tell VARIETY he will be paid $8 million against 7 percent of gross for 20,000 LEAGUES.

Sean Bailey (TRON 2.0) will produce with McG's Wonderland Sound and Vision shingle with a script by Bill Marsilli.