The news was revealed by Producer Erwin Stoff. He's quoted as saying to IFMagazine staff, "I’m developing COWBOY BEBOP for Fox, but doing it as a live-action film, so I’m working on that at the moment".
He continues, "I’m really excited to be working on it, and it’s in the really early stages. We just signed it the other day."
Lets all hope they don't screw it up.