Sylvester Stallone is set to star in and direct The Expendables for Nu Image/Millennium Films, reports Variety.
Stallone, who also wrote the script, will be joined onscreen by Jason Statham, while Jet Li is in final negotiations to join the action film.
The movie follows a team of mercenaries on a mission to overthrow a South American dictator.
Filming starts in February in Costa Rica and Louisiana.
The producers are Avi Lerner, John Thompson and Kevin King Templeton. Boaz Davidson, Trevor Short and Danny Dimbort executive produce.