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As we reported on Monday, Robert Downey Jr. has dropped out of the adaptation of Scott Mitchell Rosenberg comic book series Cowboys & Aliens. But now we are hearing through sources that Daniel Craig is in negotiations to replace him in the lead role of Zeke Jackson. Obviously, this would be very cool since it would be his first collaboration with Jon Favreau, who is directing the film from a script by Roberto Orci, Alex Kurtzman (Star Trek), and Damon Lindelof (Lost).

Let me stress: “In negotiations” means that Craig has not been cast in the role. What it means is that they’re trying to work out a deal for him to star, but sometimes things don’t work out. Maybe the schedule for Bond 23 moves up or he decides to do a different project.

Hit the jump to read a brief synopsis along with what Orci and Kurtzman had to say about the film when we spoke to them back in October. Cowboys & Aliens is currently set to be released sometime in 2011.

1873. Arizona Territory. A stranger (Craig) with no memory of his past stumbles into the hard desert town of Absolution. The only hint to his history is a mysterious shackle that encircles one wrist. What he discovers is that the people of Absolution don't welcome strangers, and nobody makes a move on its streets unless ordered to do so by the iron-fisted Colonel Dolarhyde (Ford). It's a town that lives in fear.
But Absolution is about to experience fear it can scarcely comprehend as the desolate city is attacked by marauders from the sky. Screaming down with breathtaking velocity and blinding lights to abduct the helpless one by one, these monsters challenge everything the residents have ever known.
Now, the stranger they rejected is their only hope for salvation. As this gunslinger slowly starts to remember who he is and where he's been, he realizes he holds a secret that could give the town a fighting chance against the alien force. With the help of the elusive traveler Ella (Olivia Wilde), he pulls together a posse comprised of former opponents-townsfolk, Dolarhyde and his boys, outlaws and Apache warriors-all in danger of annihilation. United against a common enemy, they will prepare for an epic showdown for survival.

Abigail Spencer is moving on from "Mad Men" to "Aliens."
The actress, who played Don Draper's mistress on the '60s-set AMC series, has joined the cast of DreamWorks and Universal's big-budget "Cowboys and Aliens," her studio feature debut.
Daniel Craig, Olivia Wilde, Harrison Ford and Sam Rockwell already are cast in the tale, based on a Platinum Studios graphic novel about cowboys and Indians rising up against invading aliens. Spencer will play a prostitute named Alice, a former lover of Craig's character who makes him change his ways.