According to Deadline, negotiations between Reeves and Warner Bros will commence in short order, as the studio is hoping to have production underway by the summer of 2012, with Leonardo DiCaprio, Jennifer Davisson Killoran, and Michael Ireland producing through Appian Way. 

The Twilight Zone previously made its way to theaters in 1983 as an anthology movie retelling four classic stories from the series.  Steven Spielberg, Joe Dante, George Miller, and John Landis each directed one segment.  Unlike its predecessor, this new film will tell one self-contained story in the spirit of the original series. The screenplay, written by Jason Rothenberg, is still mysterious, but the film is described as a "big science fiction action movie with a single freestanding story that is linked to the original series mainly in that it shares that familiarly eerie feel."

With Harry Potter finally coming to an end over the summer, Warner Bros has been very much on the prowl for new franchises, and the idea of regular, tonally-connected Twilight Zone features hitting every few years with a different director sounds every shade of cool.  If, in fact, that's what the studio has in mind.

Reeves is currently attached to a number of projects, but it seems that The Twilight Zone has the most momentum.  He's linked to the revisionist Frankenstein tale This Dark Endeavor and is set to write and direct a new adaptation of Ray Nelson's short story 8 O'Clock in the Morning, which was adapted by John Carpenter as They Live.  He's also attached to an adaptation of Justin Cronin's massive apocalyptic vampire novel The Passage, an 800-page epic that is only the first in what will be a trilogy.