Yahoo! News - Steven Spielberg to Direct Munich Olympics Film
"After finishing the Munich Olympics film, Spielberg plans to direct a project titled "The Rivals," followed by a big-screen adaptation of H.G. Wells' alien invasion tale, "War of the Worlds," starring Tom Cruise (news), Daily Variety reported."

Why remake "War of the Worlds"? Sure the 1953 version has some flaws, mainly the performance of Ann Robinson in the female lead and some dated dialogue, but the script is literate for the most part, the acting is above par, the direction well-paced and imaginative, and the special effects are superb. It's a classic.