A pitch for the project has gone out to various studios. The screenplay will focus on the origins of the very first Lost Boy, Peter Pan. No other story details have been given at this time. The film will be the latest in a recent string of projects based on classic literature, others of which include Red Riding Hood, Snow White and the Huntsman, and Oz: The Great and Powerful.
At this time, no studio has made a bid on Peter Pan Begins. So whether or not we will see Channing Tatum in green tights is anybody's guess.
Billy Ray recently wrote the The Hunger Games adaptation for LionsGate.