Legendary Pictures is a good fit for Godzilla. I think they could do it justice.
For me I think a mega snake from the Amazon would rock! I get images like the photo of the python that tried to eat the alligator for inspiration.
They could even put in the environmental aspect. The snake was driven out of the Amazon and stirred into attacking because of the burning of the jungle.
In the final fight there could even be a dramatic moment where Godzilla is swallowed by the snake. After a dramatic moment he rips out of the snake with the triumphant roar.
What creature do you think should go up against Godzilla?