Christopher Nolan, Michael Bay, Alfonso Cuaron and Rupert Wyatt are in the mix for an offer according to Variety and that's really the key word here. At least half of these names seem unlikely. While Nolan's new bud and "Inception" star Leonardo DiCaprio is producing the movie through his Appian Way shingle, we don't see Nolan coming near this unless he gets to write it himself and considering he's pretty busy right now with "The Dark Knight Rises" and has his own Howard Hughes project on the backburner as his potential next effort, we don't see it happening. Bay is an interesting choice but he too has personal passion project, "Pain Or Gain," he'd like to do next. Though we suppose if the offer is right he could be swayed.
However, the other names seem to make a bit more sense. Cuaron is currently in the midst of "Gravity" for the studio, and with his name being tossed around, they clearly like what they've been seeing. Moreover, he doesn't really have anything else on his dance card, has impressed before with his entry in the 'Harry Potter' series, and unlike Nolan or Bay, will likely come a bit cheaper. So we figure he's a good possibility. As for "Rise Of The Planet Of The Apes" helmer Wyatt, with his movie a box office smash and with (futile) talk around Andy Serkis as a Best Actor nominee he'll likely be fielding a ton of offers. And we'd wager Fox will want to snag him for the inevitable followup. And oh yeah, David Yates was being considered too but it's said he's fallen off the list (and he's busy with "The Stand" for the studio anyway).
So, in short: this is a wishlist. You can tell by the rather random batch of names, each with their own distinct voice and style, that the studio wants an A-lister no matter what. And no, this won't be some kind of directorial team up like the 1983 movie. This version of "The Twilight Zone" is said to be a single story/narrative not an omnibus, so that adds another interesting element. But clearly, WB have big plans for "The Twilight Zone" but the question remains who will take on that world.