Raimi said to Crave that when he took the role directing his current film, Oz: The Great and Powerful, Blizzard had to move on and find another person to fill the director's shoes. Sam Raimi is quoted as saying:
This, it seems, moves us from a position of knowing only one thing for sure about the Warcraft movie to knowing nothing at all. We thought we knew who was directing it, and we don't. We might, however, like to glean from Raimi's comments that the Warcraft movie's creation is under way, but that would be speculative at best.
Actually, they don't have me directing World of Warcraft anymore because when I took the Oz job, they had to move on to another director. They had to start making it.
Crave wasn't able to find any reports that Blizzard has been in contact with other directors, nor could we here at WoW Insider. We can certainly be encouraged by the idea that the movie's creation is in process, but we really are being kept very much in the dark. However, with much of Blizzard's WoW energy currently being channeled into the ever more imminent release of Mists of Pandaria, it doesn't seem unreasonable or surprising that the movie might have been put on something of a back burner for now.