Although no plot details have been revealed, the trade paper notes that the studio has been leaning toward using younger characters introduced previously in the X-Men franchise. The three movies have earned a combined $1.2 billion worldwide.
The spinoff shares a title with the Marvel Comics series introduced in 2006 by Jeff Parker and Roger Cruz about the original X-Men: Angel, Beast, Cyclops, Iceman and Marvel Girl.
First Class joins a slate of X-Men films that includes next summer’s X-Men Origins: Wolverine, a planned Magneto prequel, and a possible Deadpool spinoff.
Schwartz, who also created the TV series The O.C. and Chuck, also could direct the movie.