While both Ubisoft and Midway have declined to comment on a insider's report that The Wheelman has been acquired by Ubisoft from Midway (in the wake of its Chapter 11 bankruptcy filing), the possibility remains strong (see this GameFly listing). The report -- again, still a rumor at this time -- does not speculate on what, if any changes Ubisoft would make to the game, which is actually a "groundbreaking action-entertainment property"" with a feature film tie-in supposedly hitting theaters some time this year. It is expected, however, that Ubisoft would further delay The Wheelman's currently scheduled March 2009 release, in turn, potentially affecting the movie's production. Heck, Ubisoft could possibly cut ties with the Diesel altogether and to turn the game into an ordinary Driver.
Source - Rumor: Midway's Wheelman Is Now Ubisoft's Wheelman [Kotaku]
Source - Ubisoft refuses to comment on Wheelman acquisition [GI.biz]