According to PRNewswire, M. Night Shyamalan is writing, directing, and producing a live action adaptation of the popular Nickelodeon animated series “Avatar: The Last Airbender”.

“I was drawn to the series because of its influences: one being Hayao Miyazaki,” said Shyamalan. “I’ve always been a huge fan of Miyazaki’s work. He is one of the greatest storytellers in the world and makes anime films in Japan. His combination of spirituality and super natural elements have brought depth and meaning to his art form. In ‘The Last Airbender,’ I see an opportunity to make a live-action version of a Miyazaki film.”

The film is being produced by Nickelodeon and Paramount Pictures. It is expected to be released in 2010 for the Fourth of July weekend.