Lee wrote the script about a martial artist rebel prior to his death in 1973.
The movie was released in 1978 as Circle of Iron, starring David Carradine.
Now Circle of Iron producer Paul Maslansky has secured rights and financing for a new feature length film, which will be written by his son, Sasha Maslansky, and based on Lee's original work.
Paul Maslansky tells trade paper Daily Variety, "The Silent Flute will be an epic martial arts adventure film that promises to honour Bruce Lee's original artistic and philosophical conception. It also promises to reach new levels of action and adventure never before seen in martial arts filmmaking."