David Ready and Michael Finfer are slated to produce the movie alongside Peter Chernin, Mike Ireland and Ryan Horrigan. The project still doesn't have a director or a screenwriter to spearhead it, so nothing is known about the plot.
Fox has been blasted for its recent box office bomb, the remake of Fantastic Four, but is looking to make it up to the fans with another work-in-progress, Marvel Comics' Deadpool. So far, they're on the right track.
Meanwhile, this will not be the first time Capcom delves into the realm of film, as 1994 saw action film legend Jean-Claude Van Damme play Guile in Street Fighter: The Movie, which despite being a commercial success was critically panned, but gained a cult following due to its negative points having comical appeal. There was also Street Fighter: The Legend of Chun-Li in 2009, which was even worse for casting Kristin Kreuk--a Caucasian--as the titular heroine who is obviously Chinese.
Hollywood has failed to translate the fighting game colossus into a silverscreen juggernaut--twice--due to deviating too much from the source material. Let us just hope this won't be the case for the Blue Bomber.
So while we're waiting for the Rock Buster's movie project to bear fruit, why don't you watch the low-budget, yet resource-material accurate Megaman fan film released by
Blue Core Studios in 2010 in the meantime?