Classic Arthurian Legend is for grandpas and NBCs! The modern wizard enthusiast demands a contemporary version of Merlin set in modern times, apparently, so that the character can use his magic to conjure sweet cars like Nicolas Cage did in The Sorcerer's Apprentice. Thus, as you probably could have guessed, Working Title is developing a pitch from writer Jay Basu that places the legendary mage in today's society.
As much as I'd love to tell you whether or not Robert Pattinson will play the sexy young wizard, the studio declined to give any further details--leaving us to imagine how the displaced wizard might accidentally sit on a remote and turn on a television, assume it's sorcery, and watch one of the Harry Potter films, leading him to explain to the beautiful young Manhattanite who's tending him (Amy Adams?) how Daniel Radcliffe missed a word in a spell. That sounds like a Trailer Scene to me.