Yen will play an ex-cop from China who has all but given up on himself after a botched mission 15 years earlier killed his partner. He finds a new lease on life when the Chinese drug lord responsible walks into his noodle shop in New York’s Chinatown.

Daming Chen, who directed the Chinese version of What Women Want, is helming the project, which will be a U.S.-China co-production. CAA is packaging.

Read more Director Chen Daming Talks about China's Film Audiences

“What we are doing here is not only very unique, but will hopefully serve as the model of merging the best from East and West,” said Yen. “(Michael) understands the changing climate of the business and is very progressive in his approach."

“Donnie's wonderful blend of acting talent and martial arts makes him a unique star," said Shamberg, who added he hoped to make a movie with global appeal.

Yen just wrapped Crouching Tiger, Hidden Dragon: The Green Legend, the hot-button movie which will be simultaneously released next summer in theaters and via Netflix. The English-language sequel also stars Michelle Yeoh.

Yen, whose action film Kung Fu Jungle will premiere at the BFI London Film Festival, has previously done studio work, appearing in New Line’s 2002 vampire action movie Blade 2 and Dimension’s Highlander: Endgame. He is repped by CAA.

Read more 'Crouching Tiger' Sequel to Hit Netflix and Imax Simultaneously in Groundbreaking Deal