The Geek Files blog for the online edition of the UK tabloid Coventry Telegraph has the scoop on the planned 'X-Men Origins: Magneto' film. Their info comes from Production Weekly bulletin, which routinely publishes studio synopses for upcoming film productions.
Here's what Production Weekly said about the 20th Century Fox film:
The original X-Men film began with a prologue that showed the character as a child being led to a concentration camp by Nazis and that is the period in which the Magneto film will take place. This setup will allow a future villain to at least flirt with the designation of protagonist since the character will be seen almost exclusively in his formative years.
The storyline will heavily involve Professor X, the wheelchair-using X-Men leader. That character was a soldier in the allied force that liberated the concentration camps. The professor meets Magneto after the war and while they bond over the realisation that they are alike in their special powers, their differences soon turn them into enemies.
Fox has been talking about a Magneto spin-off movie for over four years now. Back in April of last year, 'Dark Knight and 'Blade' guru David S. Goyer became attached to direct the film. However, Fox is likely waiting to see how 'X-Men Origins: Wolverine' does before rushing into anything.