SUPERMAN - Ultraman & Baby Joey Deluxe Theatrical Edition Action Figures Revealed
In the lead-up to the start of production, there were recurring rumors that Ultraman and David Corenswet's Man of Steel would battle in the DCU reboot (then called Superman: Legacy). However, director James Gunn seemed to refute the rumors, albeit with careful word choice, stating that the film only had one "main villain."
Although Ultraman is an evil Earth-3 equivalent of Superman in the comics, it's likely that his origin story will be changed for this film. According to what we've been told, Luthor will create a clone of his worst enemy, who might or might not end up looking more like Bizarro or even Parasite.