According to Harry Knowles it is. http://www.aintitcool.com/node/42832 Knowles ran into screenwriter Shane Black (of Lethal Weapon fame) who admitted he has been hired to write a new movie version of the 1930s pulp superhero for producers Roberto Orci and Alex Kurtzman (who recently wrote the new Star Trek and both Transformers movies.) Doc Savage for those who don't know was introduced in his own pulp magazine back in the 1930s and found renewed success in the 60s when paperback reprints sold and would prove an influence on characters ranging from Superman to Indiana Jones. A previous movie version, produced by legendary sci-fi producer George Pal, flopped in 1975 (mostly due to its campy humor) so hopefully this version will do the character right.
Well so much for AICN getting it right-http://www.collider.com/2009/10/26/exclusive-producing-duo-alex-kurtzman-roberto-orci-not-producing-doc-savage/ According to this Shane Black is writing and possibly could direct the film but Orci and Kurtzman are not producing. Instead the producers of the upcoming The Green Hornet and in limbo Flash Gordon remake is producing. Considering their idea of a superhero is Seth Rogen I'm now cringing at the idea of who they'll want for Clark Savage Jr-Paul Rudd or Jason Siegel or any of the other Apatow stock company available?