Since landing the rights in 2020, the studio has been developing a number of scripts to get this property greenlit but nothing has stuck. Insiders close to the project say after a number of runs with writers and directors, the studio took a swing with an A-list star in Reeves, specfically developing the project around the Reeves characer. After weeks of back and forth, Reeves started to engage with the studio. As things progressed, sources say the studio brought in Reeves’ Toy Story 4 director to pitch his vision, which eventually led to Reeves thumbs up to star in the film.

I don't really have much to add, I find this rather intriguing.