We first reported on this project way back in April 2009, when Justin Marks (Street Fighter: Legend of Chun-Li) signed on to write the screenplay. Sony is currently interviewing screenwriters to collaborate with the director, so it seems that Justin Marks is no longer involved.
The video game was released in 2005 and centers on Wander, a desperate man who enters a forbidden land, with the hope that a mystical demon can bring his lover back from the dead. The demon charges Wander with defeating 16 stone giants dubbed "colossi," before he can be reunited with his true love.
Josh Trank has been attached to a number of projects since the release of Chronicle, including The Red Star, the Fantastic Four reboot, and a Venom spin-off. It isn't known which of these projects will go before cameras first.