There's ANOTHER official Elric RPG in the works... this one from Free League!: EN World: D&D & Tabletop RPG News & Reviews (opens in new tab)

Hot on the heels of Goodman Games announcing The Classic Era of Elric, Free League has announced its own officially licensed take on Moorcock's world with the Legends of Stormbringer RPG. Legends of Stormbringer will use Free League's Dragonbane game engine, and has apparently been in the works...