According to Variety, the studio will pay the "Terminator: Salvation" director a mind-boggling $8 million against 7 percent of the gross.
Scripted by Bill Marsilli, "20,000 Leagues Under the Sea: Captain Nemo" isn't a strict adaptation of the Jules Verne novel. As one might expect, it's actually an origin story focusing on Nemo and the creation of the Nautilus.
Sean Bailey will produce along with McG's Wonderland Sound and Vision banner.
Disney has a soft-spot in its heart for the property. As noted in the trade paper, "20,000 Leagues Under the Sea" was Walt Disney's first live-action feature, a high-priced gamble that became the second-highest grossing film of 1954 and the winner of a trio of Oscars.
The studio hopes to have the film in production in 2009 and it would presumably be McG's next directing project.
That being said, McG is currently putting the finishing touches on "Terminator: Salvation," which will open on May 22. The "Charlie's Angels" and "We Are Marshall" helmer is reportedly in discussions to supervise the development of a fifth "Terminator" feature and possibly direct.