The Oscar-winning actor's Appian Way Productions company is teaming up with Paramount to obtain the rights to the popular 1990s cartoon series.
Jono Matt, known for his work on "Sons of Anarchy" and "Scream Queens" actor Glen Powell are in talks to write the script.
It is unsure yet if Powell, who was most recently seen in Richard Linklater's latest film, "Everybody Wants Some," will also star in the project.
The show "Captain Planet and the Planeteers" originally aired from September 1990 to December 1992. It focused on five main characters from around the world who were given magical rings that had the power to control natural elements. Together they could summon Captain Planet, a superhero who helps them fight against pollution and environmental evils, something DiCaprio himself is known to be passionate about.
However if the project goes ahead Matt and Powell's new script is rumored to be an interesting take on the TV show, and will be apparently set years after the show with the once heroic Captain Planet now a washed-up has-been who needs the kids more than they need him.
Leonardo DiCaprio can be seen starting October 30 in climate change documentary "Before the Flood," which he also co-produced. The film is being distributed by National Geographic.
