UPDATED: Bradley Cooper, Ryan Reynolds and Justin Timberlake all eyeing Green Lantern’s power ring

Warner Bros. is choosing between three actors, trying to decide who will wear the power ring in the Green Lanternlive-action film adaptation, according to The Hollywood Reporter.

Director Martin Campbell (Casino Royale) and producers Donald De Line and Greg Berlanti have spent five months looking for the actor to play Hal Jordan, the hot-shot Air Force pilot who’s chosen by a dying alien to be his successor in an intergalactic police force known as the Green Lanterns.

The race is now between Cooper, Reynolds and Timberlake, all of whom had holding deals with the studio that expired Monday, meaning they can bolt and accept other offers if they choose.

Other actors in the early mix included Michael Fassbender, Henry Cavill and Jared Leto.

The studio has scheduled the Green Lantern movie for a December 2010 opening.

UPDATED 7/10/2009

AICN has reported that Ryan Reynolds has been anointed with the Green Lantern ring. The film will be directed by Martin Campbell, from a script by Greg Berlanti, Marc Guggenheim and Michael Green. Shooting is expected to commence in January 2010 in Australia, which effectively places Fox’s Deadpool film on hold.