Megan Fox has reportedly been offered the title role in Red Sonja, an adaptation of the sword-and-sorcery comic of the same name.  Once upon a time (circa 2008), the film was set to star Rose McGowan and directed by Douglas Aarniokoski (Animals) with Robert Rodriguez producing.  Cut to today and all those people are out but Millennium Films is still moving forward with the project.

According to Pajiba, Millennium has put an offer to Megan Fox to play the metal-bikini clad heroine.  As Pajiba notes, it would give Fox a chance at her own franchise and making a name for herself in films outside of the Transformers series.

For those unfamiliar with the character, hit the jump for more info.

Here's what all-mighty Wikipedia has to say about her character's origin (keep in mind that just because this is how she developed in the comics, it doesn't mean this is what they'll use for the script)"

The origin story for Red Sonja, "The Day of the Sword", first appeared in Kull and the Barbarians #3 by Roy Thomas, Doug Moench, and Howard Chaykin, and was later redrawn by Dick Giordano and Terry Austin for The Savage Sword of Conan, issue 78.

In this story, Red Sonja lived with her family in a humble house in the Western Hyrkanian steppes (this seems to be in modern Ukraine/Russia though historical Hyrcania was on the borders of modern Iran/Turkmenistan)). When she had just turned 17 years old, a group of mercenaries killed her family and burned down their house. Sonja survived but was brutally raped by the leader of the group, leaving her in shame. Answering her cry for revenge, the red goddess Scáthach appeared to her, and instilled in her incredible skill in the handling of swords and other weapons on the condition that she would never lie with a man unless he defeated her in fair combat.