Superman & Lois could introduce a version of Lex Luthor that has never been used before, from the graphic novel Superman: Earth One. There are many benefits of Superman & Lois's Arrowverse disconnection, as was revealed in the season 2 finale. One such upside could be in the way Superman & Lois debuts its specific take on Lex Luthor, with there now being the potential for Alexandra Luthor to fill the villainous role.
In Superman: Earth One, Dr. Alexandra Luthor is the wife of Dr. Alexander Luthor, and she has a more suspicious outlook on Superman than her husband. In Superman: Earth One Vol. 3, Alexander gives his life to help the Man of Steel stop General Zod, but his sacrifice does not sit well with his wife, who vows revenge on Superman. She also declares her old self to have died with her husband and takes up the new identity of Lex Luthor.
While Jon Cryer portrayed Lex Luthor on Supergirl, which was part of the Arrowverse, Superman & Lois has yet to utilize the Man of Steel's most sworn enemy. On its own, that would give the show a lot of leeway as to when and how Lex might arrive, but Superman & Lois being in a separate reality from the Arrowverse expands those possibilities. One option would be for the show to mark the live-action debut of Alexandra Luthor in her Lex Luthor identity with a very different kind of arc coming from that.
Superman & Lois Could Show A Very New Take On Lex Luthor With Alexandra
In many comic book stories, as well as their movie and TV adaptations, Lex Luthor has a more personal vendetta against Superman than do the Man of Steel's other villains. Both his pre-Crisis origin and his story on Smallville connected Superman to the loss of Lex Luthor's hair in some way. Alexandra's anger at Superman is similar to other versions of Lex Luthor given that she misconstrues an event and places the blame on the hero. It is also a connection that is emotionally based in a specific way. From Alexandra's perspective, she lost her husband because of Superman, and her anger and denial blind her to the truth.
Alexandra as a version of Lex Luthor motivated by tragedy and a broken heart, in addition to the gender swap she'd facilitate, has never been attempted in other Superman movies and TV shows. While still bringing Lex's scientific genius and business sense, Alexandra would fit right in with how Superman & Lois already favors reshaping Kal-El's villains, as seen with Morgan Edge being revealed as Tal-Rho and Ally Allston being a re-imagined take on Parasite. With Superman & Lois setting up other characters, the fact that Alexandra Luthor has never been adapted to live-action before would be huge for Superman & Lois just with its announcement as the show's portrayal of a female Lex Luthor would be a major event.
Superman & Lois has been a great home to Superman villains who have not had as many live-action opportunities. For the Man of Steel's most famous villains, like Lex Luthor, General Zod, and Brainiac, Superman & Lois's practice of revamping characters should continue for as long as it can. With the possibilities for Lex Luthor, Superman & Lois would have no better option than for Alexandra Luthor to seek her vengeance on the DC superhero.