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The studio has signed three writers- Greg Berlanti, (Dawson's Creek, Dirty Sexy Money), Marc Guggenheim, (Wolverine comics, CSI: Miami), and Michael Green (Heroes) - to unite on the story, and hopefully they will give the fan favorite superhero his due.
Whether the film will follow Hal Jordan, Allen Scott, John Stewart, or Kyle Rayner is uncertain, but Warner Bros. and DC have a major franchise possibility here, as each film could follow a new "lantern" with new missions. Framing the story this way could allow them to save money on bringing back actors, a problem which reportedly killed the X-men franchise.
Hopefully, more news will hit soon, and we'll know whether this film is intended to be a spin-off of the upcoming Justice League movie or an independent story.