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Machete originated from a mock trailer for Grindhouse, which featured a blade-wielding anti-hero.
The lead character works as a Mexican day labourer, who is "double crossed by a corrupt state senator". The tag line for the original trailer was: "This time, they f**ked with the wrong Mexican."
Shooting is expected to begin in June.
Meanwhile, Rodriguez has also scripted Predators for Fox, with the aim of rebooting the popular alien hunter movies.
The original Predator, starring Arnold Schwarzenegger, was released in 1987. It followed an elite team of commandos who are hunted by an extraterrestrial life form as they try to rescue a group of hostages.
The movie spawned a sequel in 1990 and a series of spinoff films, including last year's Alien Vs. Predator: Requiem.
More: Robert Rodriguez, Movies
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