From Latino Review:

According to the trades, 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.

McG, who most recently helmed “Terminator: Salvation,” had multiple studios vying for his next slot. Sources said he will be paid $8 million against 7% of gross.

Sean Bailey (”Tron 2.0″) 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.

McG has a lot to prove with Terminator Salvation. We know that he can do big and flashy from Charlie’s Angels, but big and flashy and underwater is, we’re assuming, a whole ‘nother set of issues.