Peter Segal (”Tommy Boy”) will direct New Line Cinema’s big screen adaptation of the DC Comics series “Shazam!”, according to The Hollywood Reporter.

New Line optioned the rights to the over 60-year-old comic book title back in 2002 and initially planned to use the screenplay penned by veteran screenwriter William Goldman (”The Princess Bride”). The studio then changed its mind and hired “Cheaper by the Dozen” writers Joel Cohen and Alec Sokolow for a rewrite, which led insiders to believe that New Line might be going for a lighthearted or campy film.

Segal also will produce the film along with Michael Ewing via their Callahan Filmworks banner. No release date has been announced at this time.

In the comic book series, a magic lightning bolt instantly transforms young Billy Batson into the yellow-and-red-clad superhero Captain Marvel whenever he speaks the magic word “Shazam,” an acronym for the six mythical figures which give his alter ego his strengths: the wisdom of Solomon, the strength of Hercules, the stamina of Atlas, the power of Zeus, the courage of Achilles, and the speed of Mercury.