The series was previously dropped by Fox in favor of "American Horror Story".
The Latino Review, however, brings us word that it may still make it to the big screen:
After Mark Romanek directed the brilliant pilot LOCKE AND KEY for Fox TV one would have thought it would get picked up but NO, the project was dropped in favor of AMERICAN HORROR STORY. But fear not, the geniuses at Universal who have spent over $200m on the new Keanu Reeves film 47 RONIN and then pushed it until the end of 2013 (and still counting) have decided to pick it up as a feature- a trilogy as a matter of fact. The comics are published by IDW who were responsible for the stunning failure of 30 DAYS OF NIGHT and now that LOCKE AND KEY failed as a TV show they are going to allow Universal to do it as a movie. If it works it will be the second haunted house film that Universal does next year, having agreed to finance Guillermo del Toro’s original script CRIMSON PEAK (he is only producing) which does for Haunted Houses what Wonder did for bread. The original comics are wonderful, written by Stephen King Junior, aka Joe Hill. The movie will be produced and written by Kurtzman and Orci the team behind this year’s monster hit PEOPLE LIKE US. Sounds like some tasty beans to us. Que Bueno!