The answer is closer to a "maybe" than anything else. See, according to Variety, Peruvian director Ricardo de Montreuil -- best known for the short film The Raven, which is being turned into a feature by Universal as we type -- is attached ... but only to film screen tests for potential lead Gael Garcia Bernal.
Zorro Reborn features a new person taking up the mantle of Zorro in a post-apocalyptic world to fight for justice and the downtrodden. The idea is an interesting one and might sound more at home in late-'90s syndicated television circles, but Fox seems to be pushing to get the project, which has been in the works since April. The most recent version of the script was written by Harker's Lee Shipman and Brian McGreevy.