Ryan Reynolds has emerged as the front-runner to topline the reboot, and though it's unclear whether an actual offer has been made, sources tell Variety that both sides are in talks and are very interested in working together. Insiders add that Reynolds is weighing other offers and that could still pursue another project.
Juan Carlos Fresnadillo is on board to direct with Neal Moritz and Peter Davis producing through Moritz's Original Film banner along with Enrique López Lavigne and Belen Atienza. Justin Lin and RCR Media Group's Rui Costa Reis and Eliad Josephson will exec produce.
Though plot details on this installment are vague, the original series followed an immortal swordsman who battled other immortal warriors through the centuries. Matt Holloway and Art Marcum penned the script.
Summit, a Lionsgate company, acquired the rights to remake the cult classic from Davis-Panzer Productions, Inc. in May of 2008.
The original film starred Christopher Lambert and spawned several sequels and a TV show.
Reynolds is coming off one of his bigger hits with Universal's "Safe House," which has grossed more than $120 million domestically. He has taken his time in finding his next project, having not committed to anything since the "Safe House" success.
The role would also give him another opportunity to show off his sword skills: The CAA-repped Reynolds previously played sword-wielding Deadpool in "Wolverine," which is currently being spun off into its own franchise at Fox.