Brad Peyton has been signed to write and direct Lobo, based on the DC Comics character, according to Deadline.  Peyton was the director of Journey 2: The Mysterious Island.  

The Lobo film has been in development for a long time; most recently, director Guy Ritchie was attached, then unattached due to the Sherlock Holmes sequel (see "'Sherlock Holmes' Sequel Claims another Comic Casualty").