The actor, who will work alongside producers Danny Dimbort, Avi Lerner and Trevor Short of Nu IMage/Millenium Films, has landed the multimillion-dollar contract after a string of recent box office successes.
He tells the Hollywood Reporter, "The past year and a half of working with Avi, his partners Danny and Trevor, and his film family has been nothing but a high point for me and my career and an extremely rewarding experience. Avi is a real gentleman and a man of his word."
The 61-year-old wrote, directed and starred in 2006 hit Rocky Balboa--the sixth film about the boxing champion--which grossed over $70 million.
And the star's eagerly anticipated Rambo follow-up, which was released last month, took over $18 million in its opening weekend alone.
Stallone is now reported to be considering scripts for further sequels in both the Rocky and Rambo franchises--despite vowing never to revive either of the legendary characters again.
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