Nintendo's original characters have been in the crosshairs of countless movie studios over the years, though Mario is likely seen as the crown jewel.
Nintendo is hesitant to make trade deals after several bad third-party video games almost destroyed them in the 90s. Furthermore, Mario creator Shigeru Miyamoto will most likely serve as a producer.
The company will be working with Illumination Entertainment, the Universal-affiliated studio behind the "Despicable Me" and "Minions" films. Animated films, especially ones as important as this, tend to take a long time to make, so don't even bother to start holding your breath yet.
There hasn't been a Nintendo film since 1993's widely-panned Super Mario Bros. starring Bob Hoskins and John Leguizamo, although Nintendo has received its fair share of offers since then.
Neither Nintendo or Illumination Pictures commented on the Journal's report, but it's not that much of a stretch.