Mario creator Shigeru Miyamoto is said to have been playing a key part in the negotiations and could serve as a producer on any eventual film.
Super Mario Brothers is a video game that follows plumber brothers Mario and Luigi as they navigate their fantasy world of evil turtles and poisonous mushrooms.
Of course, Nintendo is nearly laughably protective of their intellectual properties, especially after the disastrous 1993 live action Super Mario Bros. movie.
Now may be the best time for a new Mario movie, and Nintendo is looking to work with Illumination Entertainment - which made "Despicable Me" and "Minions" - to make it happen.
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So far, the deal between Illumination and Nintendo is for only one film, but that could change.
In the year 2015 also WSJ reporter Ben Fritz reported that Netflix was in production in a series based on Nintendo's The Legend of Zelda.
Nintendo has famously been hesitant to allow its franchises to be adapted into movies. Representatives of both companies refused to comment on the story.
The only feature-length movie that Mario and company have fostered comes in the way of the live-action Super Mario Brothers of 1993, which many people today often try to forget ever existed. Illumination's Paris studio Mac Guff would be handling development, and it wouldn't be out on screens for another few years or so.