But don't get your hopes up either. The film has been in various stages of production since the first Transformers film turned into a massive hit. "People like robots that turn into cars? How about a giant robot that transforms into five robot lions? No, seriously."
Well, everything has fallen apart in the current development cycle, but the US rights holder World Events Productions is looking to start over. They're working to find a new writer to draft up a script they can shop around Hollywood. So if you've got a dusty Voltron screenplay in your night table drawer, or even one kicking around in your head, maybe you could draft the big-screen live-action Voltron.
And if Transformers has shown us anything, it doesn't take much in the way of plot to turn a giant robot film into a huge financial windfall. Hell, just make sure Princess Allura is incredibly hot and mostly naked throughout and you should be fine. I'd cast Scarlett Johansson for this, but your mileage may vary.