Yesterday we learned that Brett Ratner looked to be out of the director’s chair on the new Conan movie, which possibly shoots this summer. The producers have been wasting no time in trying to get a new helmer for the franchise reboot, which after months of development still needs some script work and a leading actor. And according to my very trustworthy, very much correct in the past source, they’ve found their director:

James McTeigue.

The director of the first good Alan Moore adaptation (V For Vendetta) and the upcoming Ninja Assassin, McTeigue was long the Wachowski’s first AD. There’s no question that McTeigue has the action chops needed to bring the Hyborian barbarian’s adventures to brutal, bloody life.

But will he have the money needed to do it right? My source fears that the loss of Ratner means a loss of budget. Ninja Assassin seems to be budgeted at around 50 million, and V For Vendetta was 54 million. Both look terrific – McTeigue is getting every penny on screen – but Conan will be much costlier, effects-wise. Will the current rumored 120 million dollar budget be slashed with this new director?

It’s important to note that McTeigue hasn’t signed any papers yet, so this deal is still in the making, but it looks like he’s the guy Nu-Image/Millenium wants for the job.

And remember, the Wachowskis were once set to direct a Conan movie. They and McTeigue retain a tight relationship; might this Conan have their fingerprints all over it as much as McTeigues? That, to me, sounds like it could be a damn good thing.