This is a follow up on the blog article Is Godzilla returning to America ? It now looks like it is full steam ahead for the project according to Variety as Legendary Pictures confirms what was rumors by stating

• it’s planning to announce a director shortly, and indicated that its “Godzilla” will pay respects to the original pic rather than follow up on Sony’s 1998 “Godzilla.” I
• Godzilla is one of the world’s most powerful pop culture icons, and we at Legendary are thrilled to be able to create a modern epic based on this long-loved Toho franchise,” said Thomas Tull, chairman and CEO of Legendary. “Our plans are to produce the Godzilla that we, as fans, would want to see. We intend to do justice to those essential elements that have allowed this character to remain as pop-culturally relevant for as long as it has.”
• Legendary noted Monday that “Godzilla” will fall under its co-production and co-financing deal with Warner Bros. Legendary’s productions with Warners have included “The Dark Knight,” “300” and “The Hangover.” Lynn Harris is overseeing for Warners.

My opinion is almost the same from the previous blog I wrote. I love that Legendary is doing this film. I think it will be done right and on the same par as Clash of the Titans. And with the assurances that they will not change the character and they will keep faithful to the original ideas you can be assured that this will not be another mistake like the 1998 Sony version was.