It appears that director Guillermo Del Toro is interested in directing a film based on the H.P. Lovecraft story, at least that’s what he is saying in this interview:

With regard to At the Mountains of Madness, I’d love to see you tackle H.P. Lovecraft in a way that hasn’t been done.

Del Toro: Me too. Me too. … Part of the arrangement with Universal–in being essentially there for now until 2017–part of the arrangement was they would finance research and development for Mountains of Madness. And we are doing it. There are many technical tools in creating the monsters that don’t exist, and we need to develop them. The creatures, Lovecraft’s creatures, the tools that exist for CG and the materials that exist for makeup effects, you need to push them to get there, and we’re going to push them.

I am unfamiliar with Del Toro’s oeuvre, but I would really like to see this made into a film.

It’s my favorite Lovecraft story, and I think that it would translate to film fairly nicely.

More at link about the technical challenges….Yeah….A Shoggoth is “challenging”.