Deadline says maybe: http://www.deadline.com/2014/03/fox-revives-west-side-story-for-steven-spielberg-as-town-ponders-stacey-snider-move-and-dreamworks-future/
Hopefully he's not stupid enough to go through with this.
I didn't like it that much to be honest. I feel a little disappointed. I am not really convinced I bought Ansel in the role. I think his singing is good enough in context I guess. The movie I found to be too long and a bit boring overall. They say updated but I didn't find it to be that updated at all. I will noodle over it a bit more.