Waugh in talks to direct 'Need for Speed'

Exclusive: Hot off the success of his debut feature "Act of Valor," helmer Scott Waugh is in negotiations to direct DreamWorks' "Need For Speed," based on the popular video game from Electronic Arts.

Studio plans to develop the project as a potential tentpole in the vein of Universal's successful "Fast and Furious" franchise.

Siblings George and John Gatins developed the project together, and George Gatins wrote the script. John Gatins will produce with EA.

UTA, which reps EA and the Gatins, assembled the package that DreamWorks secured in a bidding war back in April.

Waugh, repped by WME, is one of five partners at the transmedia studio Bandito Brothers.