According to a report on The Cut Scene, the movie rights for Mass Effect have been purchased by producer Avi Arad. Arad is best known for his work on such Marvel movies as Iron Man, and the X-Men and Spiderman franchises. He is currently running his own production company and is reported to be at work on a movie adaptation of Lost Planet.
Mass Effect was developed by Bioware and published by Electronic Arts, who own the property. Neither EA nor Arad has commented on the sale of the movie rights for Mass Effect.