MTV.com has reported that the Hasbro CEO Brian Goldner "cautioned that the Planeswalkers of 'Magic' that the film will feature don't belong in any one particular time or place." The movie could bridge between fantasy and reality, meaning perhaps we follow a Pro magic player as he turns into a Planeswalker? Read MTV.com's article here.
News that Hasbro would be looking to do a Magic the Gathering movie first surfaced in 2008 when they signed a deal with Universal Pictures for six games to produce movies about or based on them: Stretch Armstrong, Monopoly, Battleship, Ouija, Candyland and of course Magic. Read the announcement via Kotaku.