VARIETY [1] is reporting that Steven Spielberg and Peter Chernin are in talks to develop TERRA NOVA, which follows a family that travels back in time 150 million years.
According to VARIETY, the Fox drama project would require elaborate sets and visual effects and that it could be greenlit out of the gates for series production rather than going through the motions and expense of creating a pilot episode.
Craig Silverstein and Kelly Marcel co-wrote the script and they would also serve as executive producers along with Aaron Kaplan.
Links:
[1] http://www.variety.com/article/VR1118015338.html?categoryid=14&cs=1