Director Breck Eisner is continuing work on a new Flash Gordon movie for 2012, but his plans don't end there by any means. He said he's writing the film as an origin story that will be the start of a new Flash franchise.
EXCLUSIVE: Director Breck Eisner says not to expect the 'crap' version Syfy aired in 2007

Sony has signed writers Matt Sazama and Burk Sharpless to write the script for its new take on Flash Gordon, just a few months after winning rights to the classic SF franchise from Hearst, according to The Hollywood Reporter.

Columbia may develop a feature-film update and reboot of Flash Gordon and has entered talks to acquire the film rights, with Breck Eisner attached to direct and Neal Moritz set to produce, according to The Hollywood Reporter. Eisner also will executive-produce.
I am sure that I am probably one of only a dozen people mildly saddened to see "Flash Gordon" canceled. Undoubtedly, the show lacked quality and didnÂt follow in the tradition of the classic "Flash Gordon" serials. This iteration was not very well conceived, and as a result, viewers just didnÂt buy into it. Still, I enjoyed watching it every week. The acting was marginal if not downright bad at times. The setting and costumes were garish. The plots were predictable. The villains somehow managed to be portrayed in an over-the-top fashion, yet still seem dull. It was void of any lofty ideals or hidden political agendas. And that is precisely why I watched it. It makes me wonder, when did we get to be so serious? Growing up, I watched reruns of "Lost in Space." This show started off as a ...