"It’s not a sequel," Aronofsky said, "…I just love working with Hugh Jackman and I think there’s something to be done in that world that hasn’t been done yet. I’m also excited to do something that everyone wants to make, as opposed to being the only person that wants to make the film at the beginning.”
While Aronofsky’s comment may sound pretty definitive, it’s still open to debate exactly what he means by "not a sequel." It could be something as literal as his film taking place prior to Gavin Hood’s X-Men Origins: Wolverine or something more amibigious as was the case between Ang Lee’s Hulk and Louis Leterrier’s The Incredible Hulk.
No matter what, though, the film is expected to enter production soon with an unspecfied release planned, likely for sometime in 2012.