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Rex Features
The 50-year-old described the Millennium/Nu Image film, which he co-wrote with Steve Latshaw, as "Die Hard at a rock concert".
It tells the story of an ex-marine who plays drums in a warm-up band for a major US singer. He is forced to step in when a gig for the Russian president is broken up by villains.
The Hollywood Reporter quotes him as saying: "I got the idea from Madonna. She did a concert for [Russian President Vladimir] Putin a few years ago."
He said he will be playing the drums himself, adding: "I used to play when I was a kid. Now I play at wrap parties after I've had a few tequila shots. It'll be fun."
The movie will begin shooting in the summer.
Lundgren's previous directing and acting vehicle Missionary Man opens at next week's AFI Dallas festival.
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