According to The Hollywood Reporter, Michael Bay in talks to direct the standalone Lobo for Warner Bros. The script draft has been written by Wonder Woman co-writer Jason Fuchs and would bring the film’s budget to $200 million dollars or more, a price tag that Michael Bay and Warner Bros. are not comfortable with working with.
Before Bay accepts the job on directing he is looking to bring the budget down, a job Jason Fuchs is working on providing with a new rewrite that works with Bay’s vision.
Lobo’s been in development hell for nearly 15 years with both Dwayne Johnson and Will Smith, being attached who are now Black Adam and Dead shot.
In the comics Lobo is an intergalactic bounty hunter who’s foul mouth and demeanor would work well with the type of films Bay is known for and would ultimately need to be R-rated.
Lobo created by Rob Slifer (Writer) and Keith Giffen (Artist) and first appeared in Omega Men #3 (1983). Currently Lobo is a member of the Justice League of America team led by Batman and been connected to the Suicide Squad
No official offer’s been made at this time and at this moment the film is not greenlit.
Source: The Hollywood Reporter