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The film, which is to be co-directed by Robert Rodriguez and Ethan Maniquis, was featured as a mock trailer in the 2007 flick Grindhouse.
The plotline centres on a Mexican ex-federate that works as a day labourer while he hides out from a crooked politician that double-crossed him.
It is understood that the Oscar-winning actor will take on the role of Senator McLaughlin, while Rodriguez is to star as Luz, a source told BloodyDisgusting.com.
Danny Trejo, who portrayed the weapon-wielding individual in the faux coming attractions segment of Grindhouse, was also reported to be reprising his role. 21 Jump Street director-actor Jonah Hill has been suggested as being on board as Julio.
Filming for the movie is set to begin on July 29.
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