it looks like King Conan has been cancelled
according to aintitcool.com

now the question I would've asked is, who would you have directed King Conan.

The first person lined up would of course be Milius himself, but I guess he would be too old by now, and his style might not be so fresh.
The next would've been the Wachowski Brothers, but frankly I wasn't impressed by their work in the Matrix, and I think they would have made a dry Conan.
Darren Aronofsky would've made a good Conan. But I'm too biased to be able to think straight.
Bay would make a good Conan, but it would be destroyed before it even got out.
James Cameron would've made a good Conan. And I think they should choose him. They need someone new to make a good Conan and I think Cameron would be just the thing. I don't think he ever made a barbarian movie. Besides he should give up with True Lies 2.
What about Ridley Scott? He did do Gladiator, which I found highly unimpressive.
And Ang Lee? Possibly, but after The Hulk, would he really want to do Conan?
What about some young unexperienced guy? Possibly, but we'll have to discover him first.
And of these are better choices than that dude who is directing Terminator 3.