Sony Pictures has been developing a reboot of Masters of the Universe since 2009, when they acquired the project from Warner Bros., but over the past seven years, the project has never fully gotten off the ground. Today we have a new report from Deadline that reveals that project has been given a new lease on life, with filmmaker McG now in talks to direct. The studio hasn't set a release date at this time, and it isn't known when they are aiming to start production quite yet.

The franchise is set on the planet Eternia, following a young man named Adam who has the power to turn himself into a mighty warrior named He-Man. Adam becomes the planet's last hope to defeat the evil Skeletor, who has devastated the entire planet on his quest to conquer castle Greyskull. We last reported on this project in October when Christopher Yost signed on to write the script, but this new report claims that Alex Litvak and Michael Finch (Predators) wrote the most recent draft.

Throughout the years, writers such as Evan Daugherty (Divergent), Richard Wenk, Terry Rossio and Jeff Wadlow have been attached to the project. Jeff Wadlow was set to write and possibly direct, but it doesn't seem he is involved with the project anymore. Escape Artists' Todd Black, Jason Blumenthal and Steve Tisch are producing, alongside DeVon Franklin. The new director will also oversee a rewrite of the script, but it isn't known if another new writer has come aboard.

Related: David S. Goyer Wanted His He-Man Movie to Be a Lord of the Rings Sized Epic

Masters of the Universe was first launched as a toy line from Mattel in 1982, which quickly spawned He-Man and the Masters of the Universe, an animated series that debuted in 1983. The spin-off She-Ra: Princess of Power debuted in 1985, with the Masters of the Universe live-action feature debuting in 1987, starring Dolph Lundgren as He-Man and Frank Langella as the nefarious Skeletor. Another series, The New Adventures of He-Man, debuted in 1990.

McG most recently directed 3 Days to Kill, the 2014 action-thriller starring Kevin Costner, Amber Heard and Hailee Steinfeld. He is currently filming The Babysitter, which has Bella Thorne and Robbie Amell set to star. What do you think about Masters of the Universe finally happening? Chime in with your thoughts, and stay tuned for more updates on this long-awaited project.