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I'm keeping my fingers crossed that it'll happen but it's more likely it won't. Together with the subject matter, the budget and also the rating plays a major factor on whether or not a studio will pick it up. But if it does happen, man it's going to be amazing.
And I think Jeff Bridges would be a good choice for Noah.
Yeah the budget is another big factor. He probably will have more ammunition if he did the Wolverine project first and it was successful. That was probably his plan before. If a studio picks this up, I can see a compromise being negotiated. Either he tones it down to a PG rating (which I don't see Aronofsky doing) or they lower the budget.