Jackman setting sail for Ridley Scott's Treasure Island

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.