File this under a big maybe, but the information comes straight from the horses mouth. During the Q&A from his new film The Tracy Fragments (Ed has a cameo in the film), Bruce McDonald explicitly stated there has been a Don McKellar script for an Ed the Happy Clown movie adaptation floating around and he wants to direct it next. Ed the Happy Clown is a cult Toronto-area graphic novel from Chester Brown:
The bizarre misfortunes of the title character include being chased by cannibalistic pygmies and having the tip of his penis replaced by the head of a miniature, talking Ronald Reagan from another universe. Ed's adventures featured encounters with vampires, Martians, the Frankenstein monster and other characters out of traditional genre fiction, but presented with Brown's own twisted, blackly funny sensibility and topped with some dark Christian symbolism. Despite his ordeals, Ed remained a gentle, childlike innocent.
McDonald and McKellar have collaborated many times in the past, usually to great success (Roadkill, Highway 61). Here is the kicker though, the film would be animated by the two directors, Chris Lavis and Maciek Szczerbowski of the masterful stop-motion animation short, Madame Tutli-Putli. Now all of this could add up to a dark, surreal sucker-punch of a film (which is certainly true of Madame Tutli-Putli). This is all up in the air, as a lot of things still have to come together.