EXCLUSIVE: Jon M. Chu is in talks to helm Masters Of The Universe, a live-action film based on the signature Mattel toy line that is in high gear at Sony Pictures and Escape Artists.

Talks are just getting underway with Chu, who is in the middle of a 3D conversion on G.I. Joe: Retaliation, and is preparing to shoot a couple of new scenes for the film, which was pushed to a March 29, 2013 release by Paramount. The Masters film revolves around He-Man, a prince who transforms into a warrior and becomes the last hope for a magical world that has been ravaged by the sinister Skeletor.

The property has been around for years, as several studios tried to rectify the Cannon Films 1987 flopper that starred Dolph Lungdren as He-Man and Frank Langella as Skeletor. It has been more successful as an animated property. Escape Artists sparked to a strong script turned in by the writing team of Alex Litvak and Mike Finch. Litvak scripted The Three Musketeers and Five Against A Bullet, and Finch scripted Exclusively Yours. The scribes developed the script under the title Grayskull, but it has gone back to the Mattel brand.

Escape Artists’ partners Todd Black, Jason Blumenthal and Steve Tisch are producing. Chu is repped by WME and Principato-Young.