The Wrap adds that Harald Zwart ("The Mortal Instruments: City of Bones") and "The Lego Movie" editor Chris McKay are also in contention but McKay is said to have "the most momentum".
These folks contradict last month's 'short list' of contenders that included Rian Johnson ("Looper"), Joe Cornish ("Attack the Block"), Andrés Muschietti Phil Lord and Chris Miller ("Lego Movie") and Kirk De Micco and Chris Sanders ("The Croods").
The final decision about who gets the gig is said to be announced next week.
"G.I. Joe: Retaliation" director Jon M.Chu's commitment to G.I. Joe 3 and to making the series better, forced him to vacate the big chair last October.
The toys and the cartoon "He-Man and the Masters of the Universe" series followed He-Man, a prince who transforms into a warrior and becomes the last hope for a magical world that has been ravaged by the sinister Skeletor.
Dolph Lundgren played He-Man in the 1987 live-action film version opposite Frank Langella as the evil Skeletor.
Attempts have been made over the years to revive the "Masters" film, but the film picked up steam thanks to a script by Alex Litvak and Mike Finch called "Grayskull" (that title can no longer be used). Richard Wenk perform rewrites on the screenplay. Terry Rossio was hired to work on the script late last year;
Todd Black, Jason Blumenthal and Steve Tisch are producing the film.
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