Babylon 5 is an upcoming movie reboot of the Babylon 5 TV series, scheduled for 2016. It was announced during J. Michael Straczynski's solo panel at San Diego Comic Con in July 2014. At present, no further details are available and a video of the panel does not appear to be available on YouTube. Likewise, the Studio JMS website and Facebook page do not have information on this movie.
There is no further information on this and there are no plans for a reboot to happen.