According to Japanese site 2ch, a live-action K-On television series is in the works. 2ch has claimed to find this leaked magazine article about TBS adapting the popular anime & manga title into a drama series. None of this has been verified yet though, & it is possible that it's all a hoax a 2ch poster made up because he was bored. Granted the above picture looks convincing, but it could still be faked.
TBS is currently airing the
live-action drama based on Shonen Jump's KochiKame manga, which is apparently doing horribly. With a such a bad adaptation, one has to question if TBS is eager to get back on board with another one. Live-action TV adaptations are far from new, & typically haven't done very well. The
live-action Negima drama that aired two years ago was horrendous, & let's not forget Pretty Guardian Sailor Moon as well. But every once in awhile we get a good adaptation like
Nodame Cantabile. So who knows what the future holds for a K-On drama.
Source:
http://www.sankakucomplex.com/2009/08/31/k-on-live-action-drama-due