The 59-year-old actor will again reunite on the project with 'The Equalizer' director Antoine Fuqua, who was first linked to a retelling of the 1960 Western earlier this year, reported Variety online.
Producer Jason Blumenthal described the film as wish fulfilment and said, "In a world where a lot of injustice gets all the attention, it's nice to see a movie where someone is doing something about it."
Sony Pictures is reportedly looking to develop the film into a franchise, although the producers are being cautious.