Mattel wants their “G.I Joe : Retaliation” director John M.Chu to do it. Escape Artists and Sony Pictures house the property.
Though Chu’s “G.I Joe” movie has been pushed back a few months to make way for some reshoots and 3D conversion, the film is assumingly impressive enough (guessing they would’ve seen the majority of the picture?) that the company want him onboard another big film property.
The movie, the second live-action “Masters of the Universe” film after the ill-fated 1987 version starring Dolph Lundgren and Frank Langella, has gone through many up’s and down’s since first going into development. Fox2000 had the property at one stage, with John Woo considering directing the picture. A number of actors too, including Triple H, Christopher Showerman and Paul Walker, have also been considered for the role of He-Man over the years.
More recently, Alex Litvak and Mike Finch drafted a script called “Grayskull”.