Nothing is really known about the project right now, which has been quiet for quite some time (and has apparently changed studios from Warner Bros. to Paramount since we last heard anything). Last year the word was that David Leslie Johnson, who has some fantasy experience from Wrath of the Titans would write, while Rob Letterman, who had fun with the Goosebumps movie, would direct, and the plan was that they would be looking for a lighter, Guardians of the Galaxy flavor in this one.
The Tracking Board had some other details, saying they were looking for a "Vin Diesel type" and that that the film is about "a warrior and his band of mystical creatures – including a half-dragon and a cunning gnome – as they embark on a dangerous journey to find a mythical treasure." Deadline reported that the film was readying a character sheet and rolling up vital statistics for a lead roll for Ansel Elgort (Baby Driver). It's not clear if any of this still applies.
The Dungeons & Dragons movie from 2000 wasn't exactly anyone's favorite film of the year...or even that week (the Dungeons & Dragons animated series, on the other hand, is remembered far more fondly). There were two direct to cable sequels that you never need to watch under any circumstances. But there's a huge hole to fill in the fantasy franchise market now that Peter Jackson has left Middle Earth for good. Duncan Jones didn't exactly roll a natural 20 with Warcraft for Legendary in 2016, but there's enough genre action to go around.