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The film, which will be named 20,000 Leagues Under The Sea: Captain Nemo, is being fast-tracked by the studio, according to Variety.
Bill Marsilli, who wrote Deja Vu, has been named as screenwriter, while Tron's Sean Bailey will produce alongside McG's Wonderland Sound and Vision.
The movie, based on the novel by Jules Verne, will follow the adventures of sea commander Captain Nemo as he builds his warship, the Nautilus.
The 1954 original marked the first live-action feature film made by Walt Disney. It became the second-highest grossing film of 1954 and won three Academy Awards.
McG is expected to begin work on 20,000 Leagues following the release of his latest project, Terminator: Salvation, on May 22.
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