Is there a Joe Hill story that isn't optioned right now? I think even the ones unfinished on his laptop are optioned. Combine his name with that of his famous father, Stephen King, and it probably doesn't even have to have more than an opening sentence.
According to Variety, Throttle, the novella Hill co-authored with King, has been optioned by Nick Wechsler. It won't be published until 2009, in an anthology titled He Is Legend that will be dedicated to Richard Matheson. The story follows a father and son, members of a motorcycle gang, who are being chased by an 18-wheeler tanker truck.