In 2000, Alan Moore puts the kibosh on this:
a proposed series of 15th Anniversary Watchman figures from DC Direct due to his antipathy for all things DC, with DC stating:
"DC initiated plans for a fifteenth anniversary celebration of Watchmen in collaboration with Alan Moore and Dave Gibbons. Subsequently, they've informed us that they'd prefer not to participate and it wouldn't be a party without them. Therefore, DC will not proceed with its previously announced plans for a Watchmen hardcover or Watchmen action figures."
Well, the hardcover came out in 2005, and 2008 gives us this:
Watchmen Movie Toys from DC Direct.
Guess it's now a party without them.