The 'Fast and Furious 7' actor played bounty hunter John Ruth during the script's live reading in Los Angeles April this year.
Talking to Fox affiliate in Philadelphia, Russell said, "I've got a Tarantino project called 'The Hateful Eight' that looks like it may go somewhere around the beginning of the year."
"The Hateful Eight" was initially written by Tarantino for his next big-screen project but it was put on hold after the script leaked online.
The story revolves around a pitiless and mistrustful group which includes a competing pair of bounty hunters, a renegade Confederate soldier, and a female prisoner in a saloon in the middle of nowhere who are get trapped together following a blizzard.
No official announcement has been made, but those actors are expected to return for the movie adaptation.