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According to Collider, the Warcraft movie will be a "full-blooded fantasy" film in the vein of Lord of the Rings and will closely follow the original structure and backstory of the game from the 1990s rather than the current version. The new elements that have been added to the game since the 1990s will presumably be fodder for sequels should the first Warcraft film prove successful.
It is somewhat ironic that news that production will commence on the Warcraft movie comes on the heels of the announcement of the cancellation of the World of Warcraft Trading Card Game (see "'WoW TCG' Calls It Quits").