It was announced in November 2002 that a live action Where's Waldo? movie was in the works. The film was to be produced by Paramount Pictures, Nickelodeon Films, and Hollywood producer Alan Riche and Tony Ludwig.
The feature film would follow the adventures of Waldo, who finds himself traveling through time and space after he accidentally activates a faulty time machine. In the tradition of the books, there would be some sort of "getting lost" and "busy crowds" elements as well. John Schultz was attached to direct the film.
Screenwriters Adam Cooper and Bill Collage wrote the initial screenplay for the film. Cooper and Collage were very enthusiastic about the project and hoped "Waldo" fans would be happy with their vision.
Filming was originally slated to begin in 2004, with released sometime in 2005 or 2006. However when the regime at Paramount changed in 2004, the project was eventually cancelled. Nickelodeon touted the film as late as 2005 in their list of major upcoming films - included "Barn Yard", "The Widow's Broom" and "Mighty Mouse". Currently, IMDB.com claims that a Where's Waldo movie is due for 2010 and it is categorized as being "in development." 
In June 2009, Universal Pictures and Illumination Entertainment announced a live-action film and Jim Carrey star for the role of Waldo.
In November 2011, Metro-Goldwyn-Mayer acquires the live-action version of Where's Waldo? movie in development.