The big budget space epic will be directed by Martin Campbell and is expected to begin production in January, which means that Fox's Deadpool movie will probably be on hold--IF its still going to star Reynolds.
According to sources Warners and Campbell chose Reynolds, over Bradley Cooper (The Hangover) and Jared Leto (Requiem for a Dream). The momentum built for Reynolds in the last week, as he was the only actor whose option was extended.
Writers: Greg Berlanti, Marc Guggenheim and Michael Green.
Producers: Donald DeLine with Berlanti.
I personally am a huge Reynolds fan but would never have cast him in this role.