Variety is reporting that Warner Bros. and Village Roadshow Pictures are backing a live action film based on the Speed Racer anime.  Larry and Andy Wachowski are writing the film and will also direct it -- their first directorial effort since the Matrix trilogy. 

Joel Silver will produce the film, which is slated to begin production next summer for a summer of 2008 release. 

Tatsuo Yoshida, who created the original Speed Racer manga, also directed the 53-episode Speed Racer anime series (Mach Go Go Go in Japan) which debuted in Japan in 1967 and was one of the early anime series to find success in the American market, where it was known as Speed Racer.

The entire American version of the Speed Racer anime series is currently available on DVD (see 'Final Speed Racer DVD') and Art Asylum is producing Speed Racer toys (see 'Art Asylum Nabs Speed Racer License').