Although the new Godzilla remake is still awaiting a script rewrite, Bryan Cranston and Elizabeth Olsen are looking to sign on. Frank Darabont is writing the new screenplay; he won an Oscar (ok, more than one) for writing The Shawshank Redemption. He followed up that little film with The Green Mile.
Ok, so we can see why Cranston and Olsen are already interested. Cranston has been on TV for years, starring on Malcolm in the Middle and playing diabolical dentist Tim Whatley on Seinfeld. He is, of course, on AMC's Breaking Bad now (maybe you've heard of it?) and is part of the great ensemble cast in Argo. Breaking Bad is about to start its final season, so he'll have plenty of time for a project like this.
Olsen's stuck to indie films since her name-making debut, Martha Marcy May Marlene, in 2011. Although she's become a bit of a fashion it girl like her older sisters, this would be her first big budget film.
A Godzilla movie could either be great or terrible (see: King Kong remake. Actually don't, it's super long) but it sounds promising with the involvement of Cranston, Olsen, and Darabont. At this rate, though, don't expect a release date before late 2014.
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