Jon M. Chu, director of two Step Up Movies and the delayed GI Joe sequel, Retaliation, is said to be in early negotiations to direct. Deadline say that Masters is in "high gear" so that could mean two toy franchise pictures for Chu, back to back. Perhaps he's building the CV that will see him supersede Michael Bay on Transformers.
The current script is by Alex Litvak and Mike Fitch who previously collaborated on Predators.
So far, nothing is telling me this is a film to be interested in. Chu's skill set, in choreography, might just mean the action sequences work fairly well, but having seen ten minutes or so of Retaliation I'm not even sure about that.
Anyway, perhaps he can bring across The Rock to play Man at Arms or something.
On with the He Man/Prince Adam casting rumours.