This new film won't be a sequel to the 1995 movie, nor its 1997 sequel; rather it will, according to the director, be a "re-envisioning (if that is a word) of the Mortal Kombat franchise from top to bottom". Oh, and it'll also be borrowing from the original's "pioneering spirit":
The film is currently casting and set for a 2010 release.
Director, Chris Morrison, says "Todays audience is a savvy, involved group so the film must be A plus plus in every area in order to capture the magic of the first film...The original Mortal Kombat game was born a child of many visual loves by the creators at midway so this latest version borrows heavily from that pioneering spirit and must be thought out and executed at the highest level in order for it succeed in today's market place."