I've posted a few items about this at my blog, including speculation that Pixar was planning a trilogy (Oct 2007) and speculation that Disney might be looking at this as a franchise to replace Narnia (Mar 2008), but we don't seem to have a thread on it here yet. At any rate, today The Pixar Blog claimed that "Andrew Stanton has personally confirmed that he is currently writing John Carter of Mars. More details to come."
Interestingly, three years ago, the director attached to this project was Jon Favreau, who at the time was putting the finishing touches on Zathura. He has since made Iron Man, instead.