mandalay pictures licenses full metal panic film rights
From another site
I was skeptical about this since Hollywood adaptations of movies in this category failed to deliver. But this could pave way to a new season and mech fans, like myself, will see the A.S. battles in full 3D glory. Until I read the name Zac Efron.

WTF? Zac Efron? That idiot couldn't act his way out of a paper bag. I'm so sick of seeing him. Now this film's failure is certain!

It's not yet confirmed if he'll take the lead role. I am hoping that he's a fan of the anime and will put the money that he nabbed from his HSM fangirls to good use and take the producer role.