We have all expected this since the beginning of games-become-films - a Metal Gear Solid film. Well, we might just get to see that reality care of the new "I'll make every game into a movie" director, Paul W.S. Anderson (that title used to belong to Uwe Boll, but he was a twit).
Anderson has directed the Resident Evil series of films, the first Mortal Kombat film and is working on a Castlevania adaptation. So far, all of his game-based films have been very watchable, but the franchises he was working with were pretty high-profile. If he were to take on Metal Gear, my fear is he might make another "very watchable" film, which is far less than the MG series deserves.
Of course, this information is all speculative and comes to us third hand. Jeremy Bolt, who is producing the new Resident Evil: Afterlife film, off handedly mentioned something about MGS and Anderson in a single sentence to the guys from ShockTillYouDrop in an interview about their current film. My guess is this is all rumor that will pan out to be irrelevant. We'll see.