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The first spinoff of the X-Men movie series will be titled “X-Men Origins: Wolverine” and will star Hugh Jackman in the role that made him famous. The release date is currently set for May 1, 2009.
Variety reports:

“Wolverine” is expected to feature many other mutants — some new to the film franchise and some from one or more of the three “X-Men” films. Liev Schreiber is reportedly in final talks to take on the role of a younger version of nemesis William Stryker, played by Brian Cox in “X2.”

Filming will begin later this year with Director Gavin Hood in Austrailia and New Zealand before moving to New Orleans, leading more than a few comic fans thinking the mutant Gambit may play a role. Victor Creed is mentioned, but no announcement has been made if Tyler Mane would reprise the role of Sabretooth from the first X-men film.

David Goyer’s “Magneto” movie should follow soon after. Its not known at this time if an “X4” will happen, or if the franchise will continue to spin off characters into larger roles.