Stallone, who also penned the script, will be joined onscreen by Jason Statham, while Jet Li is in final negotiations to join the actioner.
Pic follows a team of mercenaries on a mission to overthrow a South American dictator. Lensing starts in February in Costa Rica and Louisiana.
Producers are Avi Lerner, John Thompson and Kevin King Templeton. Boaz Davidson, Trevor Short and Danny Dimbort exec produce.
Stallone joined forces with Nu Image/Millennium on the latest “Rambo,” which he also helmed and co-wrote.