THe Kirk Douglas original is a classic... although they are right that it could do with a CGI facelift!

From futuristic wastelands to the depths of the oceans. McG has signed on to direct 20,000 Leagues Under the Sea: Captain Nemo, a remake of the classic 1954 live-action Disney film of the same name. The original story, written by Jules Verne, was first published in 1870, but most people remember the Kirk Douglas version famous for its giant squid scene. This screenplay for this remake was written by Bill Marsilii, of only Deja Vu previously. 20,000 Leagues Under the Sea: Captain Nemo is an origin story focusing on Nemo as he creates his warship, the Nautilus. Disney wants to get this made this year.
Obviously McG has his schedule figured out for the next few years. He's currently finishing Terminator Salvation and will move right into 20,000 Leagues Under the Sea, most likely to be released in the summer of 2010. Following that he'll jump right back on to the next Terminator sequel, which was confirmed in December. I know this is another remake, but I get the feeling that McG could pull off a BioShock-like dark, intense, and exciting version of this story. To put it plainly, 20,000 Leagues Under the Sea is the kind of movie that could use a good modern remake and McG seems like the right guy for it.