And, according to Variety, it's Jonathan Liebesman, director of WRATH OF THE TITANS and BATTLE: LOS ANGELES.
No word on casting yet, and Liebesman is probably not the first director to come to mind for this, considering his film roster. Will it be in 3D? I'd be surprised if it wasn't frankly. I'm more excited about the screenwriters, Josh Appelbaum and Andre Nemec, who wrote MISSION: IMPOSSIBLE - GHOST PROTOCOL, which turned out really well (though I'm sure that's through the efforts of one Bradley Bird, Esquire, more than anything). Michael Bay's Platinum Dunes is producing, which will probably give many people pause right there, considering their track record on reboots and remakes.
Will it be a grittier take on the story? Or will it be for kids? We'll know soon enough...