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The Green Hornet (2010) More at IMDbPro »

From Wikipedia:

The Green Hornet (also referred to as simply Green Hornet) is a masked fictional crime fighter. Originally created by George W. Trendle and Fran Striker for an American radio program in the 1930s, the character has appeared in other media as well, including film serials in the 1940s, a network television program in the 1960s (most famous for having Bruce Lee playing the Green Hornet's sidekick, Kato), and multiple comic book series from the 1940s to the 1990s. Though various incarnations sometimes change details, in most incarnations the Green Hornet is Britt Reid, a newspaper publisher by day who by night goes out in his masked "Green Hornet" identity to fight crime as a vigilante, accompanied by his similarly masked Asian manservant Kato and driving a car, equipped with advanced technology, called "Black Beauty". The Green Hornet is often portrayed as possessing fair to above average hand-to-hand combat skills and is often armed with a gun that sprays knock-out gas (an electric stun weapon called the "hornet's sting" was added to his arsenal in the TV series).

Principal Photography has already begun.

Nothing has been stated that suggest it won't be, but it hasn't been officially confirmed.

Rogen has said it will be, but not in the traditional sense.

It's best to let Rogen himself speak about this subject.

From WorstPreviews.com:

Seth Rogen, writer and co-star of the upcoming "The Green Hornet," told Sci Fi Wire that the film will possess elements of both comedy and action. "To me, the two aren't mutually exclusive," said Rogen. "You can have a big action epic with a lot of funny parts."

"Green Hornet" is a big-screen adaptation of the superhero franchise, which was adapted as a popular 1960s television series and was inspired by the original radio program created in the 1930s. Hornet follows the adventures of Britt Reid, a bored playboy who inherits his father's crusading newspaper, the Daily Sentinel. By night he is a masked hero, fighting crime with his sidekick, Kato (Stephen Chow), who has incredible martial-arts skills.

Rogen, whose film projects to date have been primarily comedic in nature, said that the forthcoming update will evoke other action films that feature an undercurrent of humor.

"I've seen the early 'Indiana Jones' movies in theaters, and they kill," Rogen said. "There's laughs throughout the whole thing, and it doesn't feel like a comedy per se. It just feels like something that's trying to solicit reactions from the audience, and we think of movies like 'True Lies' and stuff like that. That's more kind of what we're going for with this."

Director Michel Gondry also has said this about the film's tone:

"It's an action movie with some comedy in it. The action will be fast and furious and the comedy will come from the dynamic between Kato and Britt Reid."

So it will primarily be an action film, with some comedy.

All is known is that he is a gangster villian. Christoph Waltz, the actor who portrays Col. Hans Landa in "Inglourious Basterds" (2009) has reportedly signed on to play the main villain named Chudnofsky.

Reportedly, he stepped down to work on a superhero spoof comedy starring Jack Black.

It has now been confirmed that Chow is no longer involved in any capacity with the film, meaning that he will no longer play Kato. Taiwanese star Jay Chou has now been cast in this role.

The Green Hornet was the Lone Ranger's grand-nephew in the radio incarnation. However, this link hasn't been represented as of late in the other various media incarnations due the rights for each character being owned by different studios. This is the case for the film as well, as a Lone Ranger film is being developed by Disney, with Johnny Depp playing Tonto. This shoots down rumors that Adam Sandler will play the Lone Ranger in the film. However, Michel Gondry plans to put in a reference. What that'll be remains to be seen.

Michel Gondry has said that Williams, The Green Hornet in the '60s series, is interested in being in the film, so it looks like he will.

Probably not for a while, as the film is still being shot.