According to Arianna Huffington they are in the middle of production. It doesn't surprise me that they could go into production with an original film without making the trades. The project in question is an action film set in Iraq 90 years in the future. She's been posting images from the set on Twitter and says it's shooting in Chicago. Arianna even has one with director Lana Wachowski and herself. This might confirm the rumors of a secret project the two have been working on. There had been talk of them developing comic book films Plastic Man and a Superman reboot. They are in a position with Warner Bros. where they can make any film they wish. Joel Silver who has produced many of their projects has said the pair were working on things.
The Wachowskis don't do interviews and haven't released any information on future directing projects. What they're working on is a guessing game at this point. Rumors at the moment say this might be Cloud Atlas which director Tom Tykwer (Run Lola Run) is helming for the Wachowskis. There is also talk from CHUD this is just test footage for their next project. It's not uncommon for directors to film test footage before going to studios with a pitch. Robert Rodriguez has done this previously with Sin City to sell his concept.
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