[Update: This story was debunked.]
Dwayne Johnson, who recently starred in Race to Witch Mountain, has been cast in director McG's remake of 20,000 Leagues Under the Sea, according to Production Weekly, an entertainment industry newsletter that reports on film and television projects curently in preproduction, preparation and active development.
The newsletter lists the film's status as "Active Development" and also provides the following synopsis for what is currently being called 20,000 Leagues Under the Sea: Captain Nemo:
"The story begins with the mystery of an underwater 'beast' that has been stalking boats, taking bites out of them, and leaving them to sink to the bottom of the sea. Ned is reluctantly recruited by an old army buddy to hunt the beast. He's joined by Aronnax, a scientist and Julie. They go out looking for this beast and eventually find it. But the beast is not a beast at all ... it's a super tricked out mega submarine called The Nautilus, captained by Nemo, who takes them captive and brings them back to a secret Volcano City. There they learn that Nemo is searching for a lost underwater civilization that holds libraries of vast knowledge and a weapon with the power to destroy mankind. (Studio is fast-tracking the project and hopes to make the film this year.)"