The film centres on an American submarine captain and a group of Navy SEALS who have to rescue the kidnapped Russian president, Variety reports.
Street Kings writers Jamie Moss, Arme Schmidt and John Kolvenbach have based the screenplay on Don Keith and George Wallace's unpublished book Firing Point.
Salt's Philip Noyce and Taken's Pierre Morel have both been attached to the project, which was first optioned by Relativity in 2008.
Fuqua is also involved in several other projects, including an untitled film based on the life of rapper Tupac Shakur and a biopic of gangster Pablo Escobar.
The Training Day director reportedly wants Javier Bardem and Benicio del Toro to star in the project.
In June, it was reported that Eminem wanted Fuqua to direct his new vehicle Southpaw.
Southpaw is about a welterweight champion who recovers from a personal tragedy by rising in the world of boxing.
Watch the trailer for Fuqua's Brooklyn's Finest below: