Producers Stephanie Thorpe and Paula Rhodes have acquired the film rights to Elfquest, according to Variety.  The rights were available because Warner Bros., which held the rights for years, decided early this year to drop them in favor of The Hobbit as its big fantasy franchise (see "'The Hobbit' Trumps 'Elfquest' on the Silver Screen"). 
Thorpe and Rhodes have primarily TV producing careers.  Thorpe’s resume is longer, and includes runs on Shelf Life and After Judgment. Rhodes has done more acting; her producing includes a run on A Good Knight’s Quest. 
The pair produced a live action short, ElfQuest: A Fan Imagining last year.
This rights deal is a long way from production, but the fan base remains engaged. gets ten million views a month.