Warner Bros. is currently revamping the Looney Toons brand, a process which includes a new series on Cartoon Network and fresh 3D shorts in theaters.  It appears that step number three will return the studio to feature territory, with a live-action/CG hybrid film centered around Bugs Bunny in development.  According to Deadline, David Berenbaum (Elf) will pen the script; as of this writing, no producer has boarded the project, so this one could still be a ways away.

Bugs recently entered his eight decade of existence, first appearing on screen in the 1940 short A Wild Hare.  He has starred in more than 163 animated shorts, and last graced the big screen opposite Brendan Fraser in 2003's Looney Tunes: Back in Action.  I'm gonna go watch Space Jam.