According to Deadline, Fox is looking into the possibility of Spielberg directing an updated version of Robert Wise's 1961 Best Picture-winning musical, simply because the director "is interested in making it". That's about all we know at this point, but Spielberg has been struggling to find the right project to take on ever since Robopocalypse was put on hold. He briefly flirted with directing American Sniper but dropped out, and has The Adventures of Tintin sequel seemingly a ways off. He's also attached to a Montezuma biopic at some point down the line.
This would be new territory for Spielberg which makes it instantly something worth noting, and it would be interesting to see what new spin he could bring to the material. This all depends on the project coming together, and right now it's too early to tell if that will be the case.
