No, not the version from the horrible League of Extraordinary Gentlemen movie. This one (according to Variety, again via Ain't It Cool News) is a new adaptation of Jules Verne's 20,000 Leagues Under the Sea.
Craig (Scooby Doo, Cheaper by the Dozen) Titley is the writer, and though his filmography isn't impressive, his take on the property is sound. He's writing it as a period piece set at the time the novel was written and promises to "put some of the novel's classic scenes that have never been filmed in any version onto the big screen for the first time. That and a few surprises along the way."
The "surprises" comment may concern purists, but frankly, I've never met a purist when it comes to 20,000 Leagues Under the Sea. Everyone I've ever talked to about the book agrees with me that it's an overly long, tedious read with a weird ending. There are some cool sequences along the way though, so if Titley can bring those to life while making the rest of it more exciting, it could be a cool movie.
Either way, it'll be interesting to see how they cast Nemo. If he'll be an Eastern fellow as depicted in Verne's sequel The Mysterious Island, or Western like in the Disney movie.