Tarantino has been talking about this movie for more than five years now -- as of six months ago there wasn't a script. According to Tarantino. he's got a good concept but he hasn't much thought it through yet. At times he's even said it was going to be his next movie after KILL BILL, though you can never take anything Tarantino says too seriously. Anyway, as late as September, both Travolta and Madsen mentioned the project in interviews.

Below is some recent info I found on a Vega Brothers website:

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Vega Brothers, Again

Maybe I ought to read the magazines I get sent to me. Apparently, in the copy of Rolling Stone I linked to previously, and which now sits to my right - still unread - Tarantino confirms there will be a Vega Brothers movie [thanks to CerebralAsasin for the link] and it may even come before Inglorious Bastards.

It's a sequel to both Pulp Fiction and Reservoir Dogs, actually, it's a sequel and it's a prequel. It's the Vega Brothers, played by Michael Madsen and John Travolta. I have been trying to do it for years, and the more time I take, the older these two guys get. But I've come up with an idea that won't much matter how much they age....the magic of movies. It's going to be great. It'll be funny, and these guys are so great, alright, they're going to be like two oversized mob-men fighting over the last bowl of pasta, that we can't go wrong. It's just going to be John and Michael, and I hope to make this my next movie. We're laying down the pipework for it now."

Now, before we all get our panties in a bunch with excitement, lets remember that QT has been kicking around this idea for 5 years now. Plus, there's this story from ComingSoon where Tarantino himself completely contradicts the Rolling Stone info.

In an interview with a local radio station here in San Antonio (Mix 96.1, The Woody Show) yesterday, Quentin stated that yes he had an idea for the Vega Brothers but it's not really moving and wouldn't be his next film. He said that even though he had an idea he didn't have a story, that it's not worth doing without a good story, and that there won't be a story until he gets really inspired to write one.