Details are few at the moment, but it appears that a group of filmmakers under the banner of "Gelfbury" are working to create a new Mega Man fan film, and one which provides "a fresh new look at the year 200X, where robot brothers fight at the whim of mad scientists bent on world domination." Check out the trailer:
To Live and Die in 200X is slated for a release in April, and will feature music from The Megas. To keep further tabs on the film leading up to its release, you can keep an eye on the short film's official website.
Thanks to Greg Sinario for the tip!