Washington and Fuqua have already worked together on Training Day and most recently The Equalizer (which I included a trailer for below), which hits cinemas in September.
The original The Magnificent Seven from 1960, directed by John Sturges, is a lauded Western, a remake of Kurosawa's 1954 pic Seven Samurai, which is equally if not more highly-regarded by the folks here at ScreenAnarchy.
John Lee Hancock (Snow White and the Huntsman) was the last to have his go at the script. Before that, True Detective creator Nic Pizzolatto wrote the previous version. I would hazard a guess that his version may have been a bit... dark.