About 2-3 years ago I asked RHINO about this as they own the rights (or did then anyways). I was told there were no plans at all to release it. I haven't seen it on their upcoming release lists since then so I guess that hasn't changed.
TVShowsonDVD.com shows Image Entertainment as the RightsHolder, I contacted Image but they said that they didn't have the rights, that they only have the rights to a live action series.
In any case, this would be nice to have on DVD, even if it is grossly unfaithful to the source material. With a recent Conan animated feature film either on the way or recently released (i haven't bothered to check since i heard about it), Dark Horse's mega-popular comic series going strong as ever, McFarlane Toys creating a whole figure line, and the original Robert E Howard stories being published in unedited anthologized collections recently, i would say the popularity of this character is about as high as it has been since the early 80's.
Rhino is still the rights holder. I was told this a few years back by one of the shows writers when I asked her about DVDs. I sent them an email when this thread came up and got the same reply I got back then.