The first Mortal Kombat movie is actually pretty well liked by most accounts. It's a little cheesy sure, but it it has some fun merits. The less said about Mortal Kombat: Annihilation though the better probably.
The franchise is planning to make a return to the big screen though, and it just took a big step forward. Variety are reporting Simon McQuoid who has directed mostly commercials (some video game based), is in talks to direct the reboot.
There isn't too much more known about the film other than James Wan is producing, but this is a step towards the concrete. In a world were studios are hot on video game adaptions, this was only a matter of time. Still, a good Mortal Kombat movie could be really fun.