From the Ultraman article in wikipedia:

On November 2013, a source close to Chaiyo Productions told the website Nuke the Fridgethat an English-language feature film is in development for a targeted 2016 release. The studio plans to approach several A-list actors for the lead role, including Will Smith, and plan to produce the film in a style similar to Pacific Rim.

I only have one thing to say:

I hope this turns out to be true (and I hope they do it right)

2379912
Sounds all good, even the Will Smith part, but there is one issue; Chaiyo Productions. Not Tsuburaya, Chaiyo. Chaiyo's people, such as Sampote Sands, tend to either make films that are so bad they're good, or so bad they're...bad. They could make a film that will ruin Ultraman's reputation.

2385819 Aw...

Well, let's not panic, there's still hope. Maybe Tsuburaya will keep an eye on them and cancel the project if they see they're doing it wrong. Or give the project to Guillermo del Toro. Or something.