According to ICV2, the Hollywood Reporter has announced that a new Conan movie is not only back on track, but it appears also has a director lined up. The movie is slated to be a live action film and it appears that Warner want to "stick closer to the Howard" source material than the two existing Conan films.
What exactly the above means can only be guessed at, but the director slated for the film is Boaz Yakin. On the plus side is the fact that Yakin directed Remember the Titans an entertaining if prozaic film, and wrote and directed Fresh starring Samuel L. Jackson (a very good film). On the negative side is the fact that Yakin wrote the Dolph Lundgren Punisher movie, the Charlie Sheen film The Rookie. He also directed Uptown Girls and was Executive Producer on Hostel. Looking at this past work doesn't really give me a vision of what to look for regarding what Yakin's Conan will look like.
My hope is that the film will encorporate more of the weird elements of the Conan tales and depict the young Cimmerian in as human a fashion as Howard's stories. Conan may be preternaturally proficient with weapons, but in the stories he has a heavy superstitious streak as well.
Will Conan be young or old? Let's hope old. My favorite stories are of King Conan and not the younger one. Though Queen of the Black Coast is fun.