According to Vulture, Jaume Collet-Serra is in talks to helm the film and Bradley Cooper may star. According to the site:
Cooper would play real-life Revolutionary War hero John Paul Jones, albeit a much-younger Jones, well before he had famously "not yet begun to fight" the Brits. After he's stripped of his British naval commission, Jones is hired by a shipping magnate to investigate the disappearance of merchant ships in the North Atlantic, which are used as toothpicks (beak-picks?) by a giant squid.
Robert Zemeckis was last attached to the film. Collet-Serra - who gave us House of Wax and Orphan - was attached to helm Akira for Warner Bros. until it was put on hold over budgetary concerns.