The Journey 2: The Mysterious Island director has been tapped for the DC Comics movie adaptation, reports Deadline.
Peyton will also rewrite the script, with Joel Silver and Akiva Goldsman producing.
The alien bounty hunter anti-hero has made various guest appearances in DC titles over recent years, including in 52 and Green Lantern, and is due to appear in Rob Liefeld's run on Deathstroke.
The character was a fan favourite in the '90s but has failed to find a niche over the last decade.
Guy Ritchie was previously attached to the project, but instead opted to film Sherlock Holmes: A Game of Shadows.
Peyton is also attached to return for the third Journey instalment.
Watch the official trailer for Journey 2: The Mysterious Island below: