In a recent installment of his Japanese language podcast, Hideo Kojima announced that a Metal Gear Solid movie was in the works.

...Kojima announced that MGS was indeed getting made into a feature film. “We’re going to do it as a movie,” he confirmed. “A Hollywood movie.” When? The director was reluctant to give specifics, saying “I can’t say when yet.” He added that the film was going to be in English.

This gives no indication as to what "we're doing it as a movie" really means; whether they have a script, whether they have a director, or whether they've only just worked out a deal with a studio. Still, the project exists now in some form, so you can begin your dreading.

Source: Kotaku