Director/writer Bryan Singer is returning to the X-Mansion with X-Men First Class, according to this DarkHorizons post. It's a look back at young Charles Xavier and his ally Eric Lensherr who start an exclusive school for mutant children.
I'm not jumping up and down with excitement over this. Singer passed up X-Men 3: The Last Stand for Superman Returns, resulting in TWO merely so-so movies in the process. Yes, Brett Ratner did a better job than most everyone thought he would do on X3, but that's damning the movie with faint praise. And the less said about the hugely disappointing Superman Returns, the better. Then there's Singer's Valkyrie which was good, but not great, and his X2: X-Men United was a GREAT superhero film.
So the director has some catching up to do, and some mending of filmic fences. He can do it, but he really needs to hit this one out of the park (or the cornfield for Superman fans).
But how is he going to fight off the studio execs who you KNOW will be trying to push Wolverine into this project: "We know he wasn't there at the start of the school, but he's the most popular X-Man, so find a way to put him in there!"