Valiant has been defunct since the mid 1990s, but its stable of characters still has some passionate fans. Bloodshot was their most popular, and centered on Angelo Mortalli, a mobster who was steadily climbing the ranks until he's betrayed by his own people. Being a comic book, his corpse is not left to rest, but is injected with nanites and brought back to life sans memory. Possessed of superhero skills, strength, and healing capabilities he sets out to find out who he is and what he was designed for. Yes, he's like Wolverine but without claws.
Latino Review's source says Vaughn is attached to direct and Kick-Ass' screenwriter Jane Goldman is penning the screenplay, which will be based on Vol 2 of the series. Supposedly, he will finance the film himself like he did with Kick-Ass. But Mark Millar claims the story is false, and that Vaughn turned the Bloodshot gig down months ago so they could work together on a project with Leinil Francis Yu. As both the LR piece and Millar's rebuttal seem like pieces of a flame war (and I don't mean any insult to either party with that) -- after all, LR specifically goes after Millar, calling him a "pathological liar", among other things -- you can just pick a side depending on how much you want a Bloodshot movie, and wait for an official statement from Vaughn. With all the Kick-Ass press taking place, I'm sure you'll hear one eventually.