Here's the basic sequence of events:

  • Legendary Pictures acquires the rights to Godzilla with plans for a 2012 film
  • Legendary Pictures buys a spec script from Travis Beacham (Clash of the Titans) titled Pacific Rim, “set in a future in which malevolent creatures threaten the earth, the planet must band together and use highly advanced technology to eradicate the growing menace.”
  • Legendary Pictures retrofits the Pacific Rim script into their planned Godzilla reboot, confirming the rumored presence of multiple monsters
  • Legendary Pictures offers the director's chair on the Zilla-fied Pacific Rim to none other than Guillermo del Toro

Want to know more?  Details after the jump. [Updated -- New info after the jump.]

First off, thanks to Latino Review for the Godzilla info.

A Godzilla film, especially one with multiple monsters and thus intensive creature design requirements, is right in Del Toro's wheelhouse.  To offer the project to the Mexican director totally makes sense, though the report doesn't indicate the extent of Del Toro's interest.  But let's say he commits to direct: is that equivalent to postponing from the planned 2012 release?  The man has a lot on his plate.

His next film is a 3D adaptation of H.P. Lovecraft’s At the Mountains of Madness with James Cameron producing, plus another commitment to write and direct Trollhunters for DreamWorks Animation.  As a producer, he's got Disney's The Haunted Mansion and the drama Midnight Delivery, plus broader development deals in video games and television.

At the Mountains of Madness appears to be of the utmost importance, with plans for an intensive 3D shoot May 2011.  I suppose Del Toro is the type of guy you wait for, so we must see what comes of this. Either way, this Godzilla reboot is starting to sound pretty cool.

In the meantime, if you'd like further insight into Del Toro's recent state of mind you should check out Steve's video interview, in three parts.

UPDATE: Hitfix spoke with del Toro directly and here's what he had to say regarding the project:

"I am not involved in 'Godzilla' at all," Guillermo replied once I'd explained the rumor to him.  "I haven't read it or plan to read it.  Nor have I been approached to direct it."

Del Toro also told Steve during the Toronto Film Festival that he's not taking on any other project until he's done with At the Mountains of Madness.