According to Deadline, maybe! Talks between Chu and Sony have just gotten underway as the director simultaneously prepares to shoot new material for his waaay pushed back GI Joe sequel (which is also currently in the process of being post-converted to 3D). If you somehow don’t know what the heck MASTERS OF THE UNIVERSE is about, it “revolves around He-Man, a prince who transforms into a warrior and becomes the last hope for a magical world that has been ravaged by the sinister Skeletor.”
This is the same project that’s been making the development rounds for years now (formerly and simply titled GRAYSKULL). This most current iteration of the project comes scripted by Alex Litvak and Mike Finch, the guys behind THE THREE MUSKETEERS and PREDATORS. Films like that don’t exactly fill me with hope for this, but supposedly Litvak and Finch’s script is pretty good. So we shall see…