Sylvester Stallone is set to star in and direct a remake of the classic movie Death Wish.

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The 61-year-old actor is in talks to helm a new version of the cult 1974 film which originally starred Charles Bronson as a New York City accountant who becomes a one-man vigilante after his daughter is beaten and his wife is murdered by street punks.

The remake is being made by MGM studios.

The company’s chief operating officer Rick Sands said: “We hope to get a deal done with Sylvester Stallone to direct and star, and like the Rocky and Rambo films, we see this as another potential franchise for him.”

Michael Ferris and John Brancato – who penned the script for ‘Terminator 3: Rise of the Machines’ – have been brought onboard to write the screenplay for the project.

Production on Death Wish is due to begin next March, with a release date scheduled for 2009. Stallone’s fourth outing as Vietnam veteran John J. Rambo is expected in cinemas next year.

In 2006, the sixth movie in the Rocky franchise, Rocky Balboa, took an impressive USD150 million worldwide.