A publicists' statement says Woo will produce the 3-D, English-language version of his 1989 crime thriller "The Killer."
The Lion Rock Productions film will be directed by Korean-American John H. Lee and star South Korean actor Jung Woo-sung. His credits include "Reign of Assassins" and "The Good, the Bad and the Weird."
The 1989 original starred Chow Yun-fat as a hitman who takes a final job to pay for the surgery of a nightclub singer he blinded accidentally.
A remake of Woo's 1986 film "A Better Tomorrow" opened in September.