Warner Brothers seems to be putting Green Lantern back into active development. A listing for the film in Production Weekly lists the film as being in development and lists writers and a producer for the film, but no director at the moment.
The listing reads as follows:
STATUS - Development
PRODUCER: Donald De Line - Andrew Haas WRITER: Greg Berlanti - Marc Guggenheim - Michael J Green
DC COMICS 1700 Broadway New York, NY 10019
WARNER BROS. PICTURES 4000 Warner Blvd. Burbank, CA 91522-0001
Each sector of space is protected by a Green Lantern, possessing a power ring that uses a powerful green energy to do anything within the limits of the user's imagination and will power. When the Green Lantern assigned to this sector of space finds himself dying on planet Earth, he tells the ring to find a suitable successor. The chosen replacement, hot-shot test pilot Hal Jordan, finds himself with a new job he never expected.
At one point Greg Berlanti (Eli Stone) was attached to the film to direct.
In the comics, Hal Jordan is a test-pilot who receives the Green Lantern power ring from a dying alien. Donning the ring, Jordan finds himself a member of the intergalactic Green Lantern corps. The Green Lanterns are charged with defending their sector of space from all manner of threats.