The latest news on the Oddworld Movie is
Hollywood Reporter's article about CAA helping Sherry and Lorne with the idea.
Lorne also hinted, in his latest interview over at Oddworld.com, that there was news of big happenings on Oddworld due sometime next year. Many people have read this as news of a movie, but we can't possibly know yet.
EDIT: And for clarification, the Oddworld Quintology was origianlly set out as five movie scripts, but Lorne wanted to use video games for the initial medium, because he felt it was more up-to-date and powerful.