Director Jaume Collet-Serra (Unknown, Orphan) is is negotiations to direct Warner Bros. Pictures and Legendary Pictures' Here There Be Monsters, says Vulture. The site adds that Bradley Cooper is wanted for the lead role, though a formal offer is not expected to go out for a while.
According to the site: "Cooper would play real-life Revolutionary War hero John Paul Jones, albeit a much-younger Jones, well before he had famously "not yet begun to fight" the Brits. After he's stripped of his British naval commission, Jones is hired by a shipping magnate to investigate the disappearance of merchant ships in the North Atlantic, which are used as toothpicks (beak-picks?) by a giant squid."
Brian Helgeland wrote the script for the film, which is targeted for an early 2013 start.