No, he's not directing Episode VII, but an entirely new spin-off movie that is a remake of Seven Samurai but with lightsabers.

http://collider.com/star-wars-zack-s...amurai/224075/

I guess this is the first of many one-shot Star Wars movies under the new Disney agreement. I dunno, think Snyder's speed-ramping skillz would work well in the overly-done Star Wars universe.