My recollection is that Moorcock was kind of having a laugh at getting the option checks, and then collecting more of them later as the options expired and no actual project emerged. You'd think with today's special effects and the success of stories with "anti-heroes" that there would be a great audience out there, if a movie stayed true to the story.
I did see an entry show up on the Internet Movie Database a few years back, from some of the other comments it looks like that fizzled out.
I can't find the specific quote, but here is a reference from 2014 (when the projects referenced in the question were still considered possible) about how long the idea has been kicked around. (The Weitz brothers project referenced in the question was one talked about way back in 2003, where Universal Studios optioned the stories, and those were the specific option checks that my recollection was about) -
With this much emphasis on the visual aspect of the character, it
might be wondered if the time was finally right for Elric to
transition into movies, following more than two decades of failed
attempts. “There have been a few scripts done, but until relatively
recently I wasn’t keen on the idea of a movie,” Moorcock admits.
Hollywood Reporter: Michael Moorcock Talks the History of 'Elric' and Its Future in Film
In an ironic twist, the success of other series and improvements in special effects made the prospect of a film or TV series more possible, but also seems to have torpedoed the most recent efforts.
(from November, 2019)At long last, Michael Moorcock’s Elric Saga could
be coming to TV! Deadline has reported that “exclusive rights to all
works” in the series have sold to New Republic Pictures’ Brian Oliver
and producer Bradley J. Fischer, who are currently shopping a
potential TV series around, with The Walking Dead’s Glen Mazzara and
Star Trek: Discovery’s Vaun Wilmott signed on to adapt.
tor.com: Michael Moorcock’s Elric Saga Optioned for TV
(from June, 2020)Michael Moorcock, creator of the infamous
sword-wielding albino Elric of Melnibone, has reported (via Ansible)
that TV and film interest in his creation has dried up due to the
success of Netflix's The Witcher and HBO's Game of Thrones.
"Heard today that some companies are turning down Elric project
because it reminds them too much of GOT and The Witcher. A pretty
irony. So much for “homages”...."
thewertzone: Michael Moorcock rules out an ELRIC TV show or movie in the near future, citing similarities to THE WITCHER
EDIT: When I say "laughing" it was not in a "gotcha, suckers" kind of way. Just kind of rolling his eyes at it.