Terry Rossio and Ted Elliot are working on a draft of The Lone Ranger movie for uber-producer Jerry Bruckheimer, according to a report on /Film.
Disney, Bruckheimer's studio of choice, won't confirm the writing assignment at this time, but Entertainment Weekly says the writing team who last worked with Bruckheimer on Pirates of the Caribbean: The Curse of the Black Pearl are "trying to create a new juggernaut for Bruckheimer to exploit."
The Lone Ranger is a masked Texas Ranger of the Old West, who rights wrongs, usually with the aid of his loyal companion, Tonto, and his horse Silver. He would famously say "Hi-yo Silver, away!" to get the horse to gallop, and his trademark was a silver bullet. Originally the character was created for a radio series in the 1930's, and later was adapted to a popular 1950's television show.
There have been two attempts to revive the character, first in a 1981 film, The Legend of the Lone Ranger, and a 2003 pilot starring Chad Michael Murray (One Tree Hill), which never made it to series.