According to Variety, Madonna will be taking to the director's chair very soon. The movie is called "W.E." and it is about King Edward VIII and his romance with Wallis Simpson. Madonna told Variety that Vera Farmiga (from the movie Up In The Air) will be playing Simpson. As of right now no one is lined up to play King Edward.
This is not Madonnas first attempt at directing, she also did the movie "Filth and Wisdom".