Hugh Jackman is already in negotiations to play the main villain, Blackbeard.
Jason Fuchs penned the script with Greg Berlanti producing.
The film will be a new take on the classic story. It is set in World War II and follows an orphan named Peter who is kidnapped by pirates and brought to Neverland, where he discovers he's destined to save the land from the pirate Blackbeard. This version will also see Hook as Pan's friend.
WB dated the film for July 17, 2015 and sees it as a franchise that can appeal to the "Harry Potter" and "Lord of the Rings" fanbase.
The WME and Brillstein Entertainment-repped Hedlund was most recently seen in CBS Films' pic "Inside Llewyn Davis." Deadline Hollywood first reported the news.
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