Just shortly after the revelation that James Cameron will soon begin principal photography for his original project titled Avatar, word arrives that M. Night Shyamalan is developing a film bearing a very similar name. However, the latter work is none other than a live-action adaptation of the hit Nickelodeon animated series Avatar: The Last Airbender. According to Reuters/Yahoo! News, Shyamalan will write, direct and produce the picture for Paramount Pictures’ MTV Films and Nick Movies, with two sequels already in consideration.