Here is what Eisner had to say about what stage the screenplay is at:
Matt Sazama and Burk Sharpless are working on the script right now. We're on the second draft now. It should be in the studio in a month or two. I'm very bullish on it. But it's a giant movie and will take a long time to do.
He then discussed process of making this movie in the effects laden 21st Century:
Flash Gordon is a project I've been pursuing for years, it's a real passion of mine. The writers have been breaking story the past couple of months, and we have a couple months to go until the draft goes into Sony. Assuming they achieve everything we talked about, I think it will be a really great script. It's not a remake of any movie that's been done before. Nothing to do with the camp of the '80s, nothing to do with the serials of the '50s. It's definitely based on the Alex Raymond strips from the '30s and '40s, told from the point of view as if he was redoing the strips today. The audience that was reading the strips back then was a very different audience that today's audience. It's an action-adventure, very dynamic, aggressive, with a really strong central character.
Flash Gordon originally appeared as a science fiction newspaper comic strip created and drawn by Alex Raymond in the 1930s - The strip was first adapted to the screen via Buster Crabbe serials and made into a lavish 1980 film starring Sam Jones.