According to The Wall Street Journal, J.J. Abrams is currently in talks to produce a film about the "Micronauts" toys which Hasbro has just acquired.
"Micronauts" is the North American name for the "Microman" toy line which was created by the Japanese company Takara, first released back in 1974.
According to Wikipedia, the line consisted of 3.75-inch tall action figures as well as robots, play sets and vehicles. They used a universal inter-connective design. They were cancelled in 1980.
Other news of Abrams recently was that he'll be executive producing as well as perhaps directing the opening episode of NBC's "Undercovers."
Gets tons of information on Wikipedia about "Micronauts."