Word was that a deal should have been done already, but nothing has been announced. That deal is said to already have a script for the film written by George Gatins, whose borther wrote Real Steel. If the deal doesn't come off as planned, it's been said that other studios are waiting in line to chat with EA about the same thing.
If you want to a glimpse of a Hollywood vision of Need for Speed, Michael Bay did the trailer for Need for Speed: The Run last year. To extrapolate the movie, imagine that trailer being fifty times longer, fewer sound effects lifted from Transformers, actors who look like their in-game counterparts but can't act nearly as well, and explosions. And even more hot women. Scroll down for the vid.