The project has been on hold for years due to various issues, but Deadline is reporting that it may be making progress. Vogt-Roberts doesn’t have a lengthy portfolio of major films to his name; he previously directed the indie hit The Kings of Summer, a coming of age story about three boys who build a house of their own in the woods.
A Hollywood deal was originally secured in 2006, but the project stalled due to the "agendas" of film-makers and the game franchise's overlords failing to "match up." Hopefully work can begin in earnest in the near future.
It is not yet known what a Metal Gear Solid film would focus on or if it would follow a storyline from an existing game. There’s plenty of material to work with at least. However, before anyone gets too excited, there is a long road ahead and we've seen projects falter at various stages.