Probably not. However, rumors are in the air that John M. Chu is in talks to helm a live-action Masters of the Universe movie.
Source: Jon M. Chu In ‘Masters Of The Universe’ Talks
Chu is currently in the middle of the 3D conversion and shooting of extra footage for G.I. Joe: Retalliation. (He-Man and the) Masters of the Universe, of course is another toy-based franchise (though owned by Mattel, not like Joe's Hasbro). Will Chu become the go-to guy for toy related properties? Look out Transformers!
This isn't the first time out for a live-action Masters of the Universe film (see Gwildor). This time out it's scheduled to be brought to you by Sony Pictures and Escape Artists.