The GI Joe: Retaliation director is wanted by Sony Pictures to helm the live action adaptation of the '80s Mattel franchise, reports Deadline.
Sony and Escape Artists' Todd Black, Jason Blumenthal and Steve Tisch have been working on the long-gestating project, which spawned a poorly-received 1987 live action movie.
Masters of the Universe famously centres around Prince Adam and his alter ego He-Man as he battles against the villainous Skeletor.
Various attempts have been made in recent years to get the film underway, with a well-received script from writing team Alex Litvak and Mike Finch called Grayskull has been floating around for some time.
DC Comics recently launched a new comic series based on the property.
GI Joe: Retaliation is scheduled for release on March 29, 2013.