While there still hasn't been any official announcement, it seems that things are moving forward regarding Kenneth Branagh being set to direct Marvel Studio's Thor. According to WhatsOnStage.com, Branagh has pulled out of directing Hamlet for London's Wyndham Theatre because of the film.
Branagh's film and stage history are filled with the works of Shakespeare, and Branagh's film directing debut was with the critically acclaimed Henry V. It seems extremely unlikely that he would step away from directing Hamlet, especially with Jude Law set to star, unless things were looking very promising for Thor.
At this time, it is unknown how much Thor will resemble a traditional superhero movie, or how much of it would be set in the home of the Norse gods, Asgard. With Branagh's Shakespearean background, there is certainly a strong argument that the film may mostly take place in Asgard, as was revealed to have been the case with the initial script put forth by Matthew Vaughn.