Deadline reports that Warner Bros, having originally sought Darren Aronofsky for the project are now turning their attention to Spielberg to direct the epic. The film, scripted by Michael Green and Stuart Hazeldine will follow Moses from eponymous basket to the red sea and the ten commandments - the later stuff is ground already covered by Charlton Heston of course.
This is just an ambition for the studio at the moment, and Spielberg, as always has a number of projects in the pipeline - Indiana Jones 5, Lincoln, Warhorse, and something fantastically called Robopocalypse. But if he did take Moses on it could really be something. A return to the old school, big budget, big spectacle epics of Ben Hur, Spartacus and the like that hasn't really been successful since Gladiator spawned a host of poor attempts (see Troy, Alexander et al), and one of the few things Spielberg's not tried his hand at.