Okay, I'm not sure I believe this, but sometimes rumors are fun. Just make sure you bring that gallon sized plastic baggie of salt you always carry when your peruse movie news sites.
Quentin Tarantino may be attached to direct The Shadow. "May" being the key word in that sentence. "May" meaning: Don't get your hopes up about this. Seriously. It sounds like someone decided to play an amusing game of "Let's befuddle the online movie community today! Watch them bloggers dance! Muwhaha!"
Yes, that's a real game.
As you should (and probably do) know, The Shadow was a pulp and radio hero popularized in the 1930s and 1940s. Decked out in an awesome suit and fedora, he had the ability to cloud the minds of men and he used said ability to take down evil plots and punch bad guys in the jaw. The Shadow definitely feels like a character Tarantino would have an appreciation for...it just doesn't sound like a film he'd actually want to direct.