According to Deadline New York, the live action movie adaptation of Otomo Katsuhiro’s Akira, has finally begun to take shape. The script, which had been successfully rewritten by Steve Kloves (Harry Potter films), has now been sent to a list of actors.

For the role of Tetsuo, prospective actors include: Robert Pattinson, Andrew Garfield, and James McAvoy.
For the role of Kaneda, actors include: Garrett Hedlund, Michael Fassbender, Chris Pine, Justin Timberlake, and Joaquin Phoenix.

Plot according to Deadline New York: "The story takes place in the rebuilt New Manhattan where a leader of a biker gang saves his friend from a medical experiment."

According Chris Beveridge on Mania.com, "Do keep in mind that this is a heavily localized and adapted film, going into a New York setting, and it's very likely that they're upping the ages of the characters, which is a given going by the names used here, so don't expect the original story ideas revolving around youth, revolt and social pressures to be played out the same."

Sources: Deadline New York, Mania.com
Previous related topic: Hughes Brothers Revive Akira Live Action Movie Project

Update on May 29th
According to Deadline, director Albert Hughes has left the Hollywood movie adaptation of Akira. Their report states that the departure is due to "amicable creative differences" and that Warners Bros intends to find a new director quickly since they want to "keep the picture on a fast track".

Source: Deadline