The game has expanded far beyond its original incarnation to incorporate video games and novels. Some of the settings from the card game have also been developed as campaign settings for the current Dungeons and Dragons rules set.
Hasbro were keen to develop the property as a movie, point tapping Game of Thrones writer Bryan Cogman to write a script in 2014. However, the project stalled and appears to have now pivoted to television, with Hasbro's Allspark Studios working on the project. Joe and Anthony Russo are working on the project alongside Henry Gilroy (Star Wars: Rebels) and Jose Molina (The Tick), who will serve as the head writers. The series will apparently follow the adventures of a band of planeswalkers, including Chandra Nalaar (pictured in the concept art above), a popular character from the fiction.
No production timeline has been released, but I imagine we'll see this project in 2020 at the earliest.
Netflix are also collaborating with Hasbro on War for Cybertron, a Transformers prequel TV series aimed at older viewers.