First up, Chu's reps have denied the story, reaching out to Huffpo to say “Chu has not been contacted about the project." They could be pulling our chains, and considering Paramount is the home of both GI Joe and Star Trek, a coordinated misdirection is always possible. But there doesn't really seem to be any value in such a ruse right now.
The most compelling update comes from Cinematallica, who say they've heard that it's actually Rupert Wyatt who is the lead contender for the job. More than that, they say he's "virtually a lock at this stage in the game", although Chu still be in the running. After directing Rise of the Planet of the Apes, Wyatt has been attache to many projects that have yet to get off the ground. He's got the franchise experience and the blockbuster sensibility to be a perfect fit for Star Trek, and he's definitely available, which is something that can't be said about Chu.
The plan is to have the film ready by 2016 to coincide with the 50th anniversary of Star Trek's first episode in 1966. Expect more news on this soon.
