Disney has set McG to direct 20,000 Leagues Under the Sea: Captain Nemo, a family film that is being fast-tracked by the studio, Variety reported.

McG most recently helmed Terminator: Salvation. Sean Bailey (Tron) is producing with McG's Wonderland Sound and Vision.

Scripted by Bill Marsilli, the film is an origin story of Nemo as he creates his warship, the Nautilus. The characters come from the Jules Verne novel.

The 1954 original 20,000 Leagues Under the Sea was the first live-action film made by Walt Disney, who famously bet his studio on the movie, best remembered for the giant squid scene. It became the second-highest-grossing film that year and won three Oscars. The film has also been the basis for various rides at the Disney theme park over the years. Disney hopes to make the film this year.