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Jackman is currently hammering out a deal with studio Warner Bros. to star in the original concept film, which would follow Peter as a young orphan who discovers Neverland and quickly becomes a hero to the locals -- and a permanent resident. Blackbeard is set to be the main antagonist, and Hook would initially be an ally of Peter's before turning on his friend.
"Pan" is still looking to cast its Hook (Ryan Gosling was once a rumored possibility, though he's reportedly passed on the project), as well as the titular character, who will most likely be an unknown discovered at open casting. A 20-something actress is also sought to play Peter's love interest, Tiger Lily.
Variety reports that Javier Bardem was initially offered the Blackbeard part, but turned it down. That led the studio to Jackman, who was also in the running for another WB project.
Joe Wright is directing "Pan," based on a script by Jason Fuchs. It's scheduled for a June 26, 2015 release date.