Channing Tatum is Beating Up Teenagers

Word leaking through the cracks over at "TOLDJA" says Channing Tatum is in talks to star in 21 Jump Street, Sony's film version of the popular 80s series.
He'll join Jonah Hill (also a screenwriter/producer here) as two undercover cops posing as high-schoolers to bring down all the naughty stuff teenagers do: joining gangs, underage sex, illegally downloading music, watching Glee, etc.
First thing they have to do is acknowledge how neither Tatum nor Hill really look like they belong in high-school. Just have a throwaway exchange between the characters about "being held back...a lot" and boom, you've got that 800 lb. gorilla resolved and a laugh from the audience.
Production will start in the spring under the direction of Phil Lord and Chris Miller (Cloudy with a Chance of Meatballs). Does this mean that G.I. Joe sequel Paramount's been talking up, in a rather on-and-off/maybe, sorta, iffy fashion is dead and buried?
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