Variety and The Hollywood Reporter are both reporting that Mark Protosevich ("I Am Legend") is in early talks to pen the U.S. remake of "Old Boy," a project which could potentially star Will Smith and be directed by Steven Spielberg. At the very least, both Smith and Spielberg are developing the project and will likely serve as producers.

The rights to "Old Boy" makes it the first acquisition by Spielberg's newly formed Dreamworks studio, which is being setup at Universal. Mandate Pictures will stay involved with the film and maintain some ownership.

"Old Boy" is a 2003 Korean film by Park Chan-wook and tells the story of a man who is kidnapped and imprisoned for 15 years and is unexpectedly released one day. He vows revenge on his captors up until the final, shocking twist.