Was David Foster Wallace working on an Infinite Jest movie?

Of the many things we've read about David Foster Wallace in the days following his shocking, sad death, this post on Vulture probably go the biggest reaction - it seems that before he died, Wallace may have been working with filmmaker Sam Jones on adapting Infinite Jest.

There had always been rumors of an eventual film adaptation of Wallace's sprawling, inventive novel/samizdat, but we tended to dismiss them out of hand - how would such a thing work? What would they cut? How would they deal with, among other things, Mario Incandenza? The only way we could see it happening would be as an HBO miniseries... but HBO apparently passed on producing one, even after buying the screenplay. Here's guessing this one doesn't happen either.