Park Chan-Wook's 2005 film is the last in his Vengeance trilogy, following on from Sympathy for Mr Vengeance and Oldboy.
[Left: Charlize Theron / Right: Lady Vengeance]
Theron's production company Denver & Delilah Films purchased the rights to Lady Vengeance four years ago, and according to The Hollywood Reporter she is now confirmed to take the lead role originally played by Lee Geum-ja.
The drama centres on a woman released from prison after serving a long sentence for a murder she did not commit, who sets out to find the real killer (who is still at large) and seek revenge.
William Monahan – who adapted Hong Kong crime thriller Infernal Affairs into Martin Scorsese's The Departed – will write the script.
"This will be very American and very unexpected," Monahan said. "Park is a genius; it's the Everest of adaptations and I've got blood in my teeth to do it."
The other two instalments in the Vengeance trilogy are also being remade in Hollywood, with Oldboy starring Elizabeth Olsen and Josh Brolin.
Brolin has promised that the remake "will not tone down the violence" of the original.
Watch Elizabeth Olsen discussing the Oldboy remake with Digital Spy below: