Gavin Hood ("Tsotsi," "Rendition") will direct the film, titled "X-Men Origins: Wolverine," penned by David Benioff ("The 25th Hour," "The Kite Runner"). Shooting is said to begin later this year, aiming toward a May 1, 2009, release.

Tony winner Schreiber is reportedly in negotiations to play a younger version of the villain William Stryker — the character which Brian Cox portrayed in the sequel "X2."

Twentieth Century Fox will distribute the film produced by Donners' Company, Marvel Enterprises and Seed Productions.

Based on the Marvel comic, "Wolverine" will spin-off the title character from the "X Men!" films. Jackman will reprise his turn as Logan/Wolverine — a mutant with regenerative powers and retracting claws as well as a metal skeleton.

Schreiber recently starred in the Broadway staging of Eric Bogosian's Talk Radio, earning a Tony Award nomination for his work. He won the Tony in 2005 for Glengarry Glen Ross. His previous work in film has included "The Painted Veil," the "Scream" trilogy, "Kate and Leopold," "Ransom" and "The Manchurian Candidate." He made his directorial debut with "Everything Is Illuminated," which he also adapted. The actor was also seen onstage in Henry V and Macbeth, in Harold Pinter's Betrayal, Neil LaBute's The Mercy Seat and Othello. On television, he has been seen in the HBO film "Lackawanna Blues" as well as the made-for-television movies "RKO 281" and "Spinning Boris."

Jackman earned his Tony Award for his work in the Broadway musical The Boy From Oz. He is also known for his film roles in "Someone Like You," "Swordfish," "Kate and Leopold," "Van Helsing" and the recent "The Fountain" and "Happy Feet" (in voice). His stage credits also include Trevor Nunn's staging of Oklahoma! at Britian's National Theatre and award-winning work in productions of Sunset Boulevard and Beauty and the Beast in his homeland.