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Jackman setting sail for Ridley Scott's Treasure Island

Hugh Jackman is set to play legendary pirate Long John Silver in a new adaptation of Treasure Island.

The Greatest Showman actor will reportedly lead the cast of Sir Ridley Scott's planned take on Robert Louis Stevenson's classic novel, which he will direct from a script by Adolescence writer Jack Thorne, who will also serve as executive producer.

According to Deadline, the package is set to hit the market on Monday and while 20th Century - who will release Scott's next movie The Dog Stars in August - did get a first look, they ultimately turned down the project.

This was because 20th Century is a Disney division, where Pirates of the Caribbean is a priority and they didn't want to take on competing projects.

Treasure Island - which has sold over 100 million copies and been translated into more than 50 languages since its release in 1883 - follows a young boy, Jim Hawkins, who embarks on a dangerous sea voyage to claim a fortune after uncovering a map to legendary buried treasure, only to get embroiled in a deadly battle of wits with Long John Silver.

Every major studio is expected to be in the mix for the film.

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