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Based on a DC Comics character, the movie will revolve around pilot Hal Jordan as he inherits a ring wielding huge power.
Greg Berlanti, who at one point was eyed for the Lantern director's chair, wrote the script with Marc Guggenheim and Michael Green.
Green Lantern has reportedly become a top priority for the studio after a Superman Returns sequel and superhero ensemble Justice League failed to materialise.
Campbell is the director of GoldenEye, Casino Royale, the recent Antonio Banderas Zorro outings and Mel Gibson's upcoming thriller Edge Of Darkness.
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