Peter Sarsgaard is in talks to portray the chief villain in “Green Lantern” opposite Ryan Reynolds in Warner Bros.’ live-action film based on the DC Comics hero.

Donald DeLine’s producing and Martin Campbell will direct with production expected to begin in March with a release date set for June 17, 2011.

Greg Berlanti is also producing and wrote the script with Marc Guggenheim and Michael Green, with Michael Goldenberg.

Sarsgaard will portray Hector Hammond, created in the early 1960s as a criminal on the lam who discovers fragments of a meteor that contain supernatural powers. He can currently be seen in Lone Scherfig’s “An Education,” recently wrapped production on James Mangold’s “Knight and Day” and will soon begin production on Matthew Chapman’s “The Ledge.”

Reynolds portrays Hal Jordan, a second-generation test pilot, is an ordinary man who has been charged with defending a sector of the universe with a mystical green ring. Blake Lively has been cast as his love interest Carol Ferris.