A couple of years ago, a Gore Verbinski-directed version of BioShock seemed like a real possibility. Unfortunately, Univesral wanted a PG-13 project and wouldn't back the R-rated vision that Gore Verbinski had for the film, so he left the project.
We haven't heard too much about a BioShock film recently, but BioShock creator Ken Levine gave a brief status update during a recent interview. While talking with Industry Gamers, Levine says that they have no plans to rush a film into production:
"We got very close to having it get made – we had a deal in place and a director. But for us there's no burning [desire] to have a movie made just to get it made... For us and for Take-Two, it's really got to be something that will a) give the fans something that they want, and b) for those who don't know BioShock, really introduce them to something that is consistent with the game, and is it going to be a good representation of the game."
With BioShock Infinite due out sometime next year, don't be surprised if we start hearing more interest from studios in bringing the game property to be big screen.