We've been advised that McG has "signed" on to direct the film and that he is now "working with [screenwriter] J.J. Abrams on further development of the script." This will not be announced until Warner Brothers is ready to give Superman the green light again.
"Many people at Warner Brothers and on Superman fought to get (McG) back onboard," we were told. "Other executives are not convinced he is the safest pair of hands for Superman. McG is onboard and if Warners are comfortable with the script and him then he'll make it. You understand how bad it would look if they announced him now and in six months they dumped him when someone better comes along?"
Sources also advised IGN FilmForce that "McG's first choice for Lois Lane is Drew Barrymore, simple as that." And what about the Man of Steel? McG recently told the BBC that, should he regain the director's chair, he had "three choices for the role, but I can't share them yet."
Apparently, a past contender for the title role is being wooed again. According to one source, "McG seemingly pulled a favor from [his CA:FT co-star] Demi Moore - Ashton Kutcher met with (President, Domestic Production, Warner Bros. Pictures) Jeff Robinov and McG to have an informal chat about Superman recently." No offer was made, as far as we know, but Kutcher apparently reiterated his preference for Batman over Superman.