A new “Expendables” movie is in the works, with Jason Statham and Sylvester Stallone among the cast members returning as elite mercenaries tasked with carrying out perilous missions.

Along with Statham and Stallone, franchise vets Dolph Lundgren and Randy Couture are reprising their roles for the fourth installment in the action-packed saga, while 50 Cent, Megan Fox and Tony Jaa are joining the series.

Scott Waugh is directing the latest “Expendables” from a screenplay by Spenser Cohen with revisions by Max Adams and John Joseph Connolly. The film, from Lionsgate and Millennium Media, will begin production this fall.

“We are thrilled to partner with our friends at Millennium Media for the next installment of the ‘Expendables’ franchise,” said Jason Constantine, Lionsgate Motion Picture Group’s president of acquisitions and co-productions. “It’s so much fun to bring these stars together for a no-holds-barred action film. The new film will raise the stakes and be the biggest, most badass adventure yet.”

Jeffrey Greenstein, Millennium Media president, adds, “The Expendables are back, and we couldn’t be more excited to bring this star-studded, action-packed film to the big screen with Lionsgate, who have been with us since the inception of this franchise. To keep it fresh and fun, we’ve added exciting new stars to join the veterans; popcorn entertainment is guaranteed.”

Stallone directed the first “Expendables,” which opened in 2010 and featured cameos by Mickey Rourke, Bruce Willis and Arnold Schwarzenegger. Despite mixed reviews and modest box office returns, it spawned two creatively named sequels — 2012’s “The Expendables 2” and 2013’s “The Expendables 3.” Statham and Stallone have appeared in each installment, with the sequel featuring Chuck Norris, Terry Crews, Liam Hemsworth and Jean-Claude Van Damme, and the threequel enlisting Antonio Banderas, Jet Li, Wesley Snipes and Kelsey Grammer.

The three movies, which pay homage to the blockbuster action films of the late ’80s and early ’90s, have collectively generated more than $800 million at the global box office. Talks of a fourth movie have been percolating for years, but it didn’t officially get the greenlight until recently.

The Hollywood Reporter first reported the news.