"We are starting to talk to Fox and talk to the C.S. Lewis estate now about the 'Magician's Nephew' being our next film," Flaherty told The Christian Post (via ComingSoon). "If we can all agree to move forward, then what we would do is find someone to write the script. So, it could still be a couple of years."
While "The Silver Chair" seems like the next logical step, "The Magician's Nephew" is essentially a prequel about how Narnia came to be, which would allow the filmmakers to go back to the roots of the story. But fans will have to wait.
As Flaherty notes, no deal is in place to make the film so it's still a couple of years off at earliest. However, if they can do this for same or less the cost of 'Dawn Treader' we don't see why it wouldn't happen. The books are beloved, there is still a huge fanbase and 'Magician's Nephew' gives everyone involved a chance to start everything from a fresh perspective. We just hope they don't cheap out on the visual effects again like they did with 'Dawn Treader.' And as the series always has seemed to play second fiddle to the "Lord Of The Rings" franchise, it will face some serious competition from the onslaught of "The Hobbit" in the next few years so we'll have to see how this plays out.