Warner Bros. has purchased the spec screenplay Arthur and Lancelot from filmmaker David Dobkin.

The script ignited a bidding war between Warner Bros., Fox, and Universal, which Warner Bros. won with a hefty $2 million bid. The project is described as a modern reimagining of the King Arthur and Sir Lancelot legendary tales.

David Dobkin will direct from his own screenplay and produce alongside Lionel Wigram. Jeff Kleeman will executive produce Arthur and Lancelot.

The project is budgeted at $90 million, although it isn't known when production might start on Arthur and Lancelot.

David Dobkin's next movie, the Universal Pictures comedy The Change-Up, will arrive in theaters on August 5.