We reported back in April that Brad Peyton signed on to re-write the screenplay and direct. Dwayne Johnson's potential involvement isn't terribly surprising, since he worked with the filmmaker on this year's Journey 2: The Mysterious Island.
Roger Slifer and Keith Giffen created the DC Comics title in 1984 about an intergalactic bounty hunter. The character reached new levels of popularity in the 1990s, when he returned as a biker.
Joel Silver is attached to produce. It isn't known when this languishing project will actually start shooting, though Dwayne Johnson portraying the title character certainly does add a level of intrigue to the project. Stay tuned.