According to The Hollywood Reporter, Nu Image and Millennium Films are moving forward with a Rambo reboot, and it is being written by How It Ends and Line of Sight scribe, Brooks McLaren, and directed by Ariel Vromen, who helmed 2012's The Iceman and 2016's Criminal.
The reboot will be titled Rambo: New Blood and, as you would suspect, will NOT feature Sylvester Stallone returning as the troubled Vietnam veteran-turned-action hero. A younger actor will inhabit the role. Apparently, Nu Image and Millennium Films look at "Rambo as a character akin to James Bond."
THR adds, "No plot details were given for the new film as the project is still in early development."
1982's First Blood, the first installment of the Rambo series, starred Stallone as John Rambo, directed by Ted Kotcheff, and based on David Morrell's 1972 novel of the same name. It told the tale of a deeply-troubled Vietnam veteran and former U.S. Army Special Forces soldier using his combat skills to take down abusive cops, led by Brian Dennehy, in a small town. It cost $18 million to produce and earned $125.2 million at worldwide box office. Its succes led to three sequels starring Stallone: Rambo: First Blood Part II (1985), Rambo III (1988), and Rambo (2008).
After the 2008 film grossed an impressive $113.2 million, there had been talk in 2013 of FOX developing a Rambo television series and in 2014, Stallone had talked about making a fifth film, tentativly tiled Rambo: Last Blood, but neither of those projects panned out.