IGN confirms that Snyder will do a film that will parallel the new Star Wars trilogy that Disney has planned. The movie has been said to be based on the Seven Samurai, on which the original Star Wars was also based on. Production will not start until after episode 7 is released.
edit: The original Star Wars was based on the film Hidden Fortress, not Seven Samurai. The IGN writer made a mistake.
Snyder has just denied involvement with the franchise. Vulture, who gave IGN the news snippet, had this to say about the story:
"Vulture takes the accuracy of its reports very seriously. And while a piece published in The Hollywood Reporter this evening quotes Snyder's rep as saying that the director 'is not involved in any way with the new Star Wars,' Vulture stands by its story. This reporter heard through a source very familiar with the situation that Snyder recently flew up to Marin County to meet with Lucasfilm execs about the project. When subsequently reached by Vulture, Snyder's spokesperson would only repeat that he 'is' not currently involved. One should note the possible political ramifications here of our original story break: Snyder's last Warner Bros. film, Sucker Punch, lost millions for the studio, and execs there could have become distressed at the idea of him getting involved with another studio's franchise when they have so much at stake with their upcoming Man of Steel and want him available for an immediate sequel."