In 2020, Chernin Entertainment signed a "first look" deal with Netflix. This meant that Netflix would become the exclusive home for Chernin's upcoming film slate. We assumed the live-action Mega Man adaptation was part of the deal. Nothing was outright confirmed at the time, though.
However, we now have a much better idea about where things stand. I spotted a recent update on Supermarché's website that pretty much confirms it...
"Henry, Rel, and their in-house producer Orlee-Rose Strauss maintain an active development slate. Features in the works include: an adaptation of Capcom's MEGA MAN for Chernin Entertainment and Netflix, which they wrote and are directing; NEMESIS, based on the Mark Millar comic, produced by Jules Daly and Sue Kroll for Warner Bros.; an adaptation of Edward Abbey's novel THE MONKEY WRENCH GANG, produced by Ed Pressman, which they wrote and are directing; and RUNAWAY, a family adventure comedy based on a true story, screenplay adapted by Brendan O'Brien and produced by Matt Kaplan."
Supermarché is the production company behind the movie. It's operated by director-writer duo Henry Joost and Ariel "Rel" Schulman who serve as the film's directors. The Batman's Mattson Tomlin was brought on board in early 2020 to pen the script with Masi Oka attached as lead producer.
No word when the movie will drop on Netflix, though. Not only has Mega Man yet to actually shoot but it wasn't included in Netflix's 2022 sci-fi, fantasy, horror slate. That's a relatively solid indicator how far off we are. I wouldn't expect it until 2023 the earliest.
As Capcom gears up for the franchise's 35th anniversary, it stands to reason we might hear something sooner than later. Maybe.
We'll keep an ear to the ground!