Rob Letterman (who just directed Jack Black starrer Gulliver's Travels, and previously helmed Monsters vs. Aliens) is set to call the shots, while Forgetting Sarah Marshall writer/director Nicholas Stoller will rewrite the script of Stretch Armstrong, which already has Twilight beefcake Taylor Lautner attached as star.
The film will be based on the hugely popular 70's action figure, a muscled sort, a few inches high, whose limbs could be stretched to nearly four feet. Being that Lautner is only a little thing, I'm assuming that could be quite helpful.
The inclusion of both of those men onto the creative team indicates that this will not be taken too seriously, which can only be a good thing given what the entire project is based on. Lautner has yet to headline a film on his own, while Robert Pattinson recently appeared in the drama Remember Me.
