Legendary Pictures is currently in negotiations with Mattel for the film rights to the Hot Wheels feature film. The long gestating project has been in the works at Warner Bros. for years. According to Variety, the new deal would allow the film to stay at Warner Bros., where Legendary is based. The project is still in the early stages, so no director or writers have been hired. Oddly enough, the plan is to produce an "edgier pic" similar to Universal's Fast Five.
Warner Bros. slammed the breaks on an earlier Hot Wheels film in 2008, when Speed Racer performed poorly. Sony also had a film in development with McG attached to direct in 2003. There have also been a number of producers interested in the project including, Lorenzo di Bonaventura (Transformers and G.I. Joe), as well as Joe Roth, (Alice in Wonderland, Oz, the Great and Powerful and Snow White and the Huntsman).
Mattel has been looking to make a deal with Warner Bros. becasue of the studios existing relationship with the toymaker. They are the global master toy licensee for WB's DC Comics, and have licenses for Green Lantern. Mattel has a number of toy related films at other studios, including Monster High and Major Matt Mason at Universal; He-Man and the Masters of the Universe at Sony; and Magic 8 Ball at Paramount.