The Wachowskis are in the process of developing a modern version of the classic Robin Hood story for Warner Brothers. Called Hood, not much more is known about the project except that the siblings have written the screenplay and will be directing this urban take on the legendary hero who robbed from the rich and gave to the poor.
According to the Hollywood Reporter, the Wachowskis are already approaching some actors about the project, with Will Smith being the only one mentioned by name.
Since the box office failure of Speed Racer, the Wachowskis have been spending their time developing CN-9, an Iraq War film told from the viewpoint of archaeologists discovering video footage 100 years in the future. Also hidden underneath the usual veil of secrecy that the pair work under, we do know that CN-9 would have featured a plot line about two male American soldiers and a conspiracy to assassinate President George Bush. Perhaps because of these plot points, the project has been slow in finding funding.