According to Joystiq, the rights to a Just Cause script written by Michael Ross have been optioned by L+E Productions (Hamlet 2). So far, producer Adrian Askarieh (who worked on the Hitman film) is stepping in to help get the script ready to take it to various film studios. Due to the fact that the script has yet to be sold to a studio, there is a chance that this script will never see the light of day.
It is believed that the script follows the plot of the games rather closely. In the movie, like the game, Rico “The Scorpion” Rodriquez is under orders from the U.S. Government, and he will be working towards destabilizing enemy nations and creating as much chaos as he possibly can. Although the Just Cause series isn’t known for it’s story, I think there is a lot of potential for the translation to the big screen. Of course, the same could have been said for the Hitman movies, so we’ll just have to wait and see