It was announced yesterday that long-time Batman villain, Penguin, will make an appearance in Matt Reeves' 'The Batman'. This is just a rumor for the time being but it has sparked a lot of fan theories on how he'll show up.
Justin Kroll, Variety writer, tweeted that he has been hearing tid-bits of information on Penguins involvement in the next 'Batman' film; however, he says to take the information with a grain of salt. He then goes on to say Reeves is still working on the 'Birds of Prey' script and if anything, Penguin can appear there as well.
Reeves is still working on the script, so that could always change but of the multiple BIRDS OF PREY scripts submitted, one does have the Penguin as the main heavy. Either way, it seems WB wants this character cast in the universe sooner rather then later.
— Justin Kroll (@krolljvar) May 30, 2018
Theories have been arising about Penguin's involvement and has sparked a certain actor, who had been teasing the role for over a year now. Josh Gad has been leaving a bread crumb trail of Penguin teases, and from what we've seen from previous actors, we may see Josh Gad on the big screen taking on the Bats! I digress, do not take this info out of context: It's all rumors.
— Josh Gad (@joshgad) February 9, 2018
Lastly, Penguin's involvement has shaped fans' thoughts into why he's appearing when Deathstroke is currently already the main villain? Joe Manganiello is set to play the villain-for-hire, but Penguin could hire him and could possibly play in the shadows. Who knows!
No word on the development of 'The Batman' just yet, but keep checking back for more updates!
Source: Justin Kroll