This just in: it looks like Marvel Studios and Sony Pictures Entertainment have found their new shared Spider-Man.
We've been sitting on this information since Friday but can confirm now, that his reps and Marvel are under negotiations. Its all about formalities now and then an official announcement from Marvel will follow shortly.
Our sources on the ground don't yet have details of the scope of the new Peter Parker role, but Marvel has said earlier in the year that the character would debut in next springs Captain America: Civil War, which is currently in production.
We've known to be on the lookout for the many names on the various "short lists" that have come out over the past months as the potential Spider-Men have been whittled down to Butterfield.
What we've been able to report on Spider-Man since last fall is that Marvel was looking for a younger actor to step into the role of Peter Parker to capitalize on a time period in Spider-Man's life that has been underplayed on screen. This new, younger Peter Parker will be able to spend some time in high school before venturing out into the greater world.
Butterfield will presumably make his first appearance in Civil War next May followed by a solo Spider-Man movie with Sony and MCU characters on July 28th 2017. Rumors have Sony and Marvel planning to strike while the Spider-Man iron is hot beyond those two announced releases, but confirmable details are not available at this time.