Heat Vision has it that Dean Israelite ("Project Almanac") is in talks to direct the "Power Rangers" franchise reboot at Lionsgate and Saban Brands.
Jason David Frank, who played Tommy Oliver a.k.a. The Green/White Ranger on the original "Mighty Morphin Power Rangers," has already had conversations about the film.
The new film will "re-envision" the story of a group of high school kids who are infused with super powers that must work together to save the world.
"Power Rangers" began life over two decades ago and has been in continuous production ever since. Toys, apparel, costumes, video games, DVD's, comic books and other merchandise have all been spawned from the property, as have two feature films back in the mid-1990s.
The property also has a devoted worldwide fan base as well as a detailed mythology that screams cinematic reboot.
"X-Men: First Class" and "Thor" writers Ashley Miller and Zack Stentz will write the screenplay.
Haim Saban and Allison Shearmur will produce.
"Star Trek" and "Transformers" scribe Roberto Orci will serve as executive producer. The trio will develop the movie’s story, with Miller and Stentz writing the script.
Orci revealed that it's NOT a reboot but rather a refresh (think "Doctor Who") and it will exist in continuity with the world of the TV series but serves as a starting point for newcomers as well.