It was only last week when Vadim Perelman (The House of Sand and Fog) left The Talisman which is currently in production.
Variety have now reported that Ed Zwick (Glory, The Last Samurai) is in negotiations to take up the reins. The script is based on a novel co-written by Stephen King and Peter Straub (two horror writers at the peak of their profession when they wrote the book), and it follows the adventures of a 12 year old boy on a supernatural mission to find a talisman to save his dying mother. His quest takes him to the mysterious Territories where violence and the old struggle of Good vs Evil reaches across these mythic lands.
The Talisman screenplay was written by Ehren Kruger, and is being produced by Amblin Entertainment, under the watchful eyes of Steven Spielberg and Kathleen Kennedy. It is scheduled for a 2005 release.