Warner Bros and DC Comics' next big-budget feature, Green Lantern — about which a lot of news has been hitting the web in recent weeks — will be made at Fox Studios Australia in Sydney and carry a budget of $150 million.

The script apparently reveals some major battles both on Earth and in space — along with the effects of the emerald power rings — meaning a major effects budget to properly realize all of it.

The film will create about 500 jobs and include a "substantial investment" in digital effects work in Australia.

Green Lantern should be eligible to receive the Australian federal government's 15% location rebate on top of the incentives supplied by the New South Wales government to bring the project to Fox.

Director Martin Campbell (Casino Royale) will be at the helm of the comic book's big-screen adaptation, working from a script by Greg Berlanti and Michael Green. Pre-production on Green Lantern is set to begin in July, and filming is scheduled to start in November. Warners is aiming to release the film in December 2010.

What remains now is casting. At $150M, it's likely Warners are going to look for star power, in much the same way as Paramount did for Iron Man, despite Brian Austin Green's (Terminator: The Sarah Connor Chronicles) public bid for the role. That said, we cannot help but believe that the studio should return to the formula that worked so well for Richard Donner's Superman back in 1978, and hire an actor who is perhaps lesser known, but has serious acting chops and also evokes the dual characters of Hal Jordan/Green Lantern.

Meanwhile, Green Lantern fans can look forward to DC Universe’s animated feature, Green Lantern: First Flight, which arrives on DVD/Blu-ray on July 21, 2009.

Tell you what you think: Should Green Lantern go with named talent due to it's $150M budget, or should Warner Bros. take a chance on an unknown actor? Either way, who would YOU choose for the role?