Sub-Mariner will be directed by Jonathan Mostow (Terminator 3: Rise of the Machines, U-571), according to Variety.
Universal Pictures wants Mostow to rewrite the David Self script they have in hand as well. According to Variety Mostow has cleared his schedule to make Sub-Mariner his next film.
Here's how the trade describes Sub-Mariner: "The comic, created by cartoonist Bill Everett in April 1939, centers on a young man who discovers he's actually a descendant from the long-lost kingdom of Atlantis. He turns out to be the key man in a brewing war between the underwater world and our own."
Kevin Misher will produce from his Misher Films company along with Marvel Studios.