If the deal is made, Jennifer Davisson Killoran and DiCaprio will produce the project via Appian Way, which signed a first-look deal with Paramount in March, along with Powell.

There's no word yet as to whether Powell, who is known for his acting work in such projects as FX series Scream Queens and Richard Linklater's most recent film Everybody Wants Some, will also star in the project.

Captain Planet and the Planeteers was a TV show that aired from September 1990 to December 1992. It centered on five young people from around the world who were given magical rings that had the power to control natural elements. United, they can summon Captain Planet, a superhero who helps them fight against environmental evils.

The project was previously in development at Sony but the rights lapsed. One thing intriguing to Paramount and Appian Way was the subversive take by Matt and Powell on the material: Sources say the story takes place years after the adventures of the show, with the Captain now a washed-up has-been who needs the kids more than they need him.

The project and its environmental themes are a natural fit for DiCaprio, a well-known environmentalist who often speaks out on issues such as global warming.

Powell starred on Ryan Murphy's hit series Scream Queens opposite Emma Roberts. He also was most recently seen on the big screen in Richard Linklater's Everybody Wants Some. His upcoming projects as an actor include war drama Sand Castle and Fox's Hidden Figures with Taraji P. Henson and Octavia Spencer. Powell is repped by CAA, Untitled Entertainment and Bloom Hergott.

Matt wrote the action-adventure reboot of Doctor Dolittle, and penned the script for indie Above the Line. He is repped by CAA, Bridge Media Partners and Bloom Hergott.