It's been almost two years since we last heard any rumblings of note about the Mega Man movie that has been said to be in production at Fox, but Hollywood Reporter has brought some new info to the surface today.
Interestingly, while the previous report said production had begun, this latest article says that the company who brought us Dragon Ball: Evolution has been working for the past two years to acquire the movie rights for the Blue Bomber, only closing the deal earlier this year. As noted then, Chernin Entertainment is still producing the film itself, and has apparently signed Masi Oka of Heroes fame on in some as-yet unspecified capacity.
As for writing and directing, Henry Joost and Ariel Schulman are currently in negotiations. Their previous work includes the 2010 documentary Catfish (no relation to Volt, I'm sure; it's about online relationships), which led to them directing Paranormal Activity 3 and Paranormal Activity 4, as well as 2016's Nerve, a thriller dealing with the online world which starred Emma Roberts and James Franco.