Black List writer Dutch Southern has been hired by Adi Shankar and his 1984 Private Defence Contractors production company to pen a screenplay for the project, reports Variety.
No-one has been cast for the project but action heroines including Linda Hamilton, Cynthia Rothrock, Sigourney Weaver, Carrie Ann Moss, Michelle Rodriguez, Gina Carano and Summer Glau have been put forward as a wish list of potential stars.
Shankar's company previously backed films such as The Grey and Machine Gun Preacher.
Southern previously penned the script for the semi-retired hitman tale Hoof Harrington's Greatest Hits.
The Expendables 2 stars Sylvester Stallone, Jason Statham, Jet Li, Dolph Lundgren, Jean-Claude Van Damme, Bruce Willis, Arnold Schwarzenegger and Chuck Norris, and is showing in theatres now.
Watch a trailer for The Expendables 2 below: