Legendary Pictures, with films such as 300, Clash of the Titans, The Dark Knight, Watchmen, and the upcoming Warcraft flick under their belt, have secured the rights and announced that a number of prominent individuals will be working on the Mass Effect film.
Mark Protosevich (script writer on I Am Legend and Thor), former Marvel boss Avi Arad, and Legendary Pictures own Thomas Tull and John Jashni are producers, while Biowares Ray Myzuka, Greg Zeschuk and Casey Hudson have roles as executive producers on the project.
Now all we need is a director and a few actors, and it would be nice to know whether Shepard will be male or female (I'm betting male), paragon or renegade... But I guess we will know all of that at some point...