Netflix is in talks to distribute the movie, with Delroy Lindo and Jean Reno also in negotiations to star.
Lee will also write the film with Kevin Willmott, based on an original screenplay by Danny Bilson & Paul DeMeo, and rewrite by Matthew Billingsly. Lee will also produce with Beatriz Levin & Lloyd Levin, and Jon Kilik.
The film follows Vietnam veterans who return to the jungle to find their lost innocence.
“To quote my brother Jay-Z from Da People’s Republic of Brooklyn ‘On to Da Next One,’” Lee said.