Original series creator J. Michael Straczynski has announced plans for a feature-length Babylon 5 film that would begin production 2016.
According to Straczynski's SDCC announcement, the film would not be a continuation of the 1990s television series, but an outright reboot. That said, Straczynski has said he would like to use original cast members where he can. "I'd love to see Bruce as the President of the Earth Alliance", he said.
It remains to be seen whether Warver Bros. will support the film financially, though it's possible Straczynski could finance it himself through his own production company. Via TV Wise:
The hope is that Warner Bros, who produced the Babylon 5 television series, would step up and green-light a "big budget" feature film once the script has been completed. But owing to the nature of the deal that Straczysnki inked with the studio to produce Babylon 5 in the early 1990s, he, rather than Warner Bros, owns the feature film rights to the show. Should Warner Bros. choose not to greenlight a B5 movie, Straczynski would still proceed with the feature, which would then be funded and produced through his Studio JMS banner on a budget of $80 – $100 million.
More on this as it develops.