Movies
The film, which starred Denzel Washington, Clive Owen and Jodie Foster, centred on a tough cop who becomes involved in a hostage situation when he tries to thwart a bank robber's plans.
He told Hollyscoop that original writer Russell Gewirtz is currently finishing the script and Clive Owen is already attached to star.
The film is tentatively scheduled for a release in 2010.
Lee announced his new project at the sixth annual Behind The Lens Awards in Beverly Hills, where he was honoured for his achievement in cinema.
John Singleton, Rosie Perez, Damon Wayans and Patti Austin were among the stars who turned out to watch him collect the award on Wednesday night.
Lee, a director, producer, writer and actor, has been nominated for two Oscars and is credited with kick-starting the careers of actors such as Halle Barry, Denzel Washington, Samuel L Jackson and Wesley Snipes.
His most famous movies include Do The Right Thing, Jungle Fever and Malcolm X.
He said: "I think that most importantly this award is just not for one particular film. It's for the body of work we've done from 1986's She's Gotta Have It to 2008 - my new film is coming out in October, called Miracle At St Ana - so it's for the body of work."
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