According to Ainitcool.com, Jack Black is said to have signed his name on the dotted line to play the man with that ring we all wish we had.
Apparently the film has been described as being comparable to Jim Carrey's The Mask. DC is/was not happy with this, but I guess their agreement with Warner Brothers gives the mismanaged studio the last word.
See my previous article on Jack Black as Green Lantern for more background.
Anyone in the mood for a happy dance?
Source: Ain't It Cool News