[Disney has purchased the rights to Oblivion. Details Below]

Last week, we reported that TRON: Legacy director Joseph Kosinski was shopping his next project Oblivion around Hollywood. On Monday, it was reported that Disney had gained the inside track on the project among several competing studios. The pairing makes perfect sense since Disney is the studio behind TRON and Kosinski has maintained a strong working relationship with them for the last three years.

According to a Deadline report, Disney's exclusive negotiating window lasted through Monday evening, though we haven't heard whether or not the company has won the rights yet.

Oblivion is based on a graphic novel that Joseph Kosinski co-developed with writer Arvid Nelson. Check out a synopsis of the story below.

Oblivion is a futuristic science fiction love story that takes place in an apocalyptic future where most people live above the clouds, far from the inhospitable place that the surface of Earth has become. An earthbound soldier who repairs drones that patrol and destroy a savage alien race discovers a beautiful woman who crashed in a craft. They take an epic adventure that changes his world view.

Based on buzz from the last three Comic-Cons, TRON: Legacy is definitely one of the year's most anticipated films and, assuming that the movie becomes a big hit, Kosinski is primed to become one of Hollywood's most in-demand young directors. That's why I am happy to see him gaining so much ground on Oblivion.

If he can bring a freshness to a franchise like TRON, which offers the unique challenge of both being a classic and being completely dated, just imagine what he could bring to an original project that he has been involved with from the beginning.

If and when we learn that Disney has won the rights to the project, we will let you know here at Screen Rant.

UPDATE: Heat Vision Blog got the word first: Disney has indeed purchased the rights to Oblivion. The deal is said to be in the seven-figure range, making it one of the largest sells of the year. Disney president of production, Sean Bailey, has a strong relationship with Kosinki (Bailey was a producer on Tron Legacy) and wanted to keep the young up-and-coming filmmaker in The Mouse House. Kosinski is also currently developing a remake of the sci-fi cult-classic Black Hole for Disney.

The Oblivion graphic novel will hit shelves this fall; no word yet on when the film will go into production. In the meantime, feel free to share your thoughts on Kosinski and your expectations for him as a director.

Sources: Deadline & Heat Vision Blog