It wasn't clear when the film would be produced, or if a release date has been targeted, but it was said that comedic actor/writer Jason Segel would write the film.
Segel, best known for his work on the TV series How I Met Your Mother, displayed his puppeteering skills in the film Forgetting Sarah Marshall.
We'll be sure to keep you posted on any new developments regarding The Cheapest Muppet Movie Ever Made.
The Muppets was released November 23rd, 2011 and stars Kermit the Frog, Miss Piggy, Jason Segel, Amy Adams, Chris Cooper, Rashida Jones, Donald Glover, Danny Trejo. The film is directed by James Bobin.