While he may still be technically in “negotiations” with Warner about the role, many sources are citing that Peter Sarsgaard has signed on to Martin Campbell’s Green Lantern to play opposite Ryan Reynolds. The role in question is that of Dr. Hector Hammond, the would-be main villain of the film.

According to The Hollywood Reporter’s Heat Vision, who originally broke the story, this villain doesn’t seem to be one many remember.

Sarsgaard will play Dr. Hector Hammond, the pathologist son of a senator who is seen as a disappointment in his father’s eyes. He becomes infused with psychic powers when he discovers a meteor. The character was created by John Broome and Gil Kane in the early 1960s.

This puts an end to the rumor that the villain of the film would be Sinestro, which is the Green Lantern’s most obvious villain. An interesting route to take, but it looks like Campbell is casting young for the film. Between Reynolds, Blake Lively (Gossip Girl) as Carol Ferris, and now Sarsgaard, it seems that the cast will be aimed at a younger demographic.

Green Lantern is set to shoot this March in New Orleans.

As reported previously, Blake Lively was rumored to be in the running to play the female lead in the upcoming Green Lantern movie, opposite Ryan Reynolds as Hal Jordan. Well, Variety is reporting that she has indeed landed the role and is set to start filming when the movie goes into production later this spring.

Blake Lively, best known for her role on the CW’s series Gossip Girl and in the Sisterhood of the Traveling Pants series, will later this year be seen opposite Ben Affleck in the movie The Town. As mentioned in the previous post, her being a newer star makes it easier to lock her down into a contract where she’ll appear in, hopefully, many sequels and not limit her role solely to that of a love interest. ‘Carol Ferris’ is both a vital part of the Green Lantern mythology as the head of the aviation company that employs the former Air Force pilot, and also has played the part of super-villain, in the form of ‘Star Sapphire’.

Not being too knowledgeable of Lively’s career, or talents, I have to say I’m fairly interested in this casting decision and look forward to seeing where it goes. Although, counter to what I had stated in my first post, I think it would have been interesting to see the film cast an older woman that runs the business and is also a viable leading love interest.

The Martin Campbell (Casino Royale) directed movie, has a script by Marc Guggenheim and Michael Green (with Michael Goldenberg working on a new draft) and is scheduled to be released in June of 2011.

Latino Review has an exclusive look at who might be Carol Ferris, the lucky lady that doesn’t get the ring from Ryan Reynold’s “Hal Jordan” in the upcoming Green Lantern film from DC Entertainment and Warner Bros.

Ferris has been described as “the daughter of aerospace mogul Carl Ferris. She works for her dad’s company FERRIS AIR, got an MBA, and has a lifetime crush on Hal Jordan.” The website seems to believe that the role comes down to the following five actresses: Eva Green, Keri Russell, Diane Kruger, Blake Lively or Jennifer Garner.