The Marvel Cinematic Universe is currently under development with their project with what is dubbed as Phase Three, where new characters from the Marvel Universe are brought to life to be introduced to the general public. 

Kevin Feige is the mastermind behind this ongoing project as the official point person and Marvel studio head, and have expressed that Phase Three will include the official Black Panther movie release. 

Marvel Cinematic Universe began with the release of Iron Man and blossomed to a comic-book-like creation of franchise cinematic releases centered on Marvel comic book characters.  It became mimicry to comic book releases with crossovers and parallel storylines.  Phase One concluded with the release of Buffy creator Joss Whedon's The Avengers.  Phase Two has been wrapped and packaged as Whedon's Avengers: Age of Ultron is released in May, and Peyton Reed's Ant-Man is released in July.

Last year the public received confirmation that newcomer Chadwick Boseman will be playing T'Challa, chief to the Panther tribe in the African Wakanda nation.  Black Panther is a most highly anticipated character since he is the first black superhero to be fully introduced with his own superpowers in mainstream comics, first appearing in 1966. 

Black Panther has been in development since the early 90s when Wesley Snipes expressed his utmost desire to have the comic book character brought to life.  Even as he was entrenched as the character Blade, he wanted to be part of the team that will see the character on the big screen.

As to who might be cast as King T'Chaka, father to T'Challa, Ernie Hudson (Ghostbusters) might be a possible match, although it has yet to be confirmed.  There has been no word yet on the possible director of the new Marvel film.  Fans speculate to have a black director to truly feel the prowess of the Black Panther. 

Phase Three's Captain America: Civil War will finally bring Black Panther to life in order to ready the public with Marvel's anticipated Black Panther movie.  Captain America: Civil War is out in theatres May 6, 2016.  Black Panther is expected to be released July 6, 2018.