This project was originally in the works at Chris Meledandri’s Illumination Entertainment, but that’s apparently no longer the case. Here’s the release from MGM today:

LOS ANGELES, CA (November 07, 2011) – MGM’s President of Motion Picture Group Jonathan Glickman today announced that the studio has secured feature film rights to bring Classic Media’s Where’s Waldo?® to the big screen in a live-action family adventure.

Created by Martin Handford and first published in 1987, Where’s Waldo? is one of the most recognizable characters in the world and a pop-culture icon. A publishing phenomenon with more than 55 million books sold worldwide from New York to Sydney to London to Tokyo, Where’s Waldo books are available in more than thirty-eight countries and have been translated into more than thirty languages. Where’s Waldo has also been spotted in gaming, selling more than 4.6+ million Apps for iPhone and iPad.

“We are thrilled to be bringing the search for Waldo to the big screen. Along with our partners at Classic Media, we look forward to making a worldwide adventure that will appeal to Where’s Waldo? fans of all ages,” Glickman said.

“Waldo is the most searched-for character in the world,” said Eric Ellenbogen, co-CEO, Classic Media. “With thanks to MGM, fans everywhere will find Waldo in movie theaters with his motion picture debut.”

MGM’s Cassidy Lange, Vice President, Production, will oversee the project for the studio with Ellenbogen and Handford’s business partner Mike Gornall serving as Executive Producers.