Ok, so according to /Film development on the Voltron film started back in 2004, but there hasn't been much talk on moving the production forward until the runaway (and confusing, to me) success of Michael Bay's Transformers movie.
So let's prepare the internets for the same sort of battle we saw with Transformers - with long-time, die-hard fans of the character railing against the live action film version and those who will think the movie version looks awesome.
Although I thought that for the most part Transformers stank, that doesn't mean I'm opposed to movies about giant robots. Maybe they'll get it right with Voltron: Defender of the Universe (the working title for the film) and actually have characters and a story that's good, robots that don't talk like 13 year olds and special effects that won't give the audience a headache.
It's not a done deal yet, but with the success of Bay's movie I have no doubt this will get greenlit. The question will be how fast they can get it out the door and onto movie screens.