Andrew Barrer and Gabe Ferrari will write the screenplay although there's no confirmation of what angle the film will take.
The Magic Castle is the private clubhouse for the Academy of Magical Arts, Inc, an organisation devoted to the advancement of the ancient art of magic.
The Magic Castle's website proclaims the purpose of the academy is to encourage and promote public interest in the art of magic with particular emphasis on preserving its history as an art form, entertainment medium, and hobby.
Beginning with a membership of 150, the academy has grown into a world-renowned organization with a membership of nearly 5,000.
McG is currently filming Three Days to Kill with Kevin Costner.