UPDATE, March 18, 6:55 p.m. — Netflix has closed a deal for the rights to Max Landis spec “Bright” with Will Smith and Joel Edgerton set to star and David Ayer on board to direct.

Netflix has paid $3 million for the script and will spend a total $90 million on the project.

Variety first reported on March 9 that several studios including Sony and Warner Bros. were in the mix, but sources said Netflix would end up with one of the hotter packages in town.

Warner Bros. seemed to be the front-runner, but after the deal-making stalled, reps for the project decided to shop the project to other studios. Bryan Unkeless and Eric Newman will produce.

Plot details are unknown, but sources suggest the project will be in the vein of “End of Watch” (which was directed by Ayer) but set in a world where Orcs and fairies live among humans. Sources also say the story is not set in present day.

It’s unknown when production on the film would get under way, but the hope is to get it rolling this year in order to get both Ayer and Smith ready for a “Suicide Squad” sequel shoot by 2017.

Ayer and Smith are repped by CAA and Landis is repped by WME and Writ Large. Smith is also repped by Overbrook Entertainment.

Deadline first reported that the deal had closed with Netflix.