The guy who directed 300 currently has the rights to "Watchmen". With a $70 million opening weekend, it's my guess that he's going to make whatever movie he wants next.
Just prior to 300 opening, it was leaked that Snyder had sneaked a frame of his Watchmen test footage into the 300 trailer.
I'm still of a mind that there's too much to Watchmen for a two hour movie. Snyder obviously has no problem sicking to the source material. Make it a mini-series.