According to this report, the movie isn’t lost forever, but it has lost some steam with Woo.
“John is attached, but the project isn’t a priority or high on his radar. Essentially, [he] lost enthusiasm”, the source tells MTV.
Though there is still hope:
The one thing suggesting that the film is still going ahead though is the report that Mattel are in “active” talks with Lions Rock about the film – indicating that not everyone has lost zeal in the project.
The article also mentions some possible people that were contacted to play the lead role, including Paul Walker, Chris Showerman, and Matthew Davis.