Latino Review had the final five contenders just last month, and Lively was on the list alongside Eva Green, Keri Russell, Diane Kruger, and Jennifer Garner. El Mayimbe was predicting it would be Kruger or Russell, particularly since Kruger was coming off such buzz with Inglourious Basterds. But clearly that buzz is nothing compared to Gossip Girl and the teen girls that Lively can draw.
I don't want to be a negative Nancy, but Lively is probably the least suited to the part. Ferris was supposed to be around 27 in the script. In the Lantern comics, she's a woman who has an MBA and inherits her father's company, Ferris Air. The inheritance caused a complication in her romance with test pilot Hal Jordan because hey, no one sleeps with the boss! At 22, Lively is just really too young for the character, especially when paired with Reynolds. I think any one of the other actresses would have been a better pick (Green looks like she walked right out of a Lantern book), particularly if they ever want to let Ferris advance into superpowered territory. But that's just my opinion -- give yours, Lantern fans.