Disney has signed on McG to direct 20,000 Leagues Under the Sea: Captain Nemo, and is putting the family film on the fast track.

According to Variety, McG most recently directed Terminator Salvation, and had multiple studios vying for his next slot. Sources said he will be paid $8 million against 7% of gross.

Sean Bailey (Tron 2.0) is producing with McG's Wonderland Sound and Vision.

Scripted by Bill Marsilli, the film is an origin story of Nemo as he creates his warship, the Nautilus. The characters come from the Jules Verne novel.

The 1954 original 20,000 Leagues Under the Sea was the first live-action film made by Walt Disney, who famously bet his studio on a movie best remembered for the giant squid scene. It became the second-highest grossing film that year and won three Oscars. The film has also been the basis for various rides at the Disney theme park over the years.

Disney hopes to make the film this year.