It looks like this will be Wesley Snipes' first gig post-prison, after serving a 3-year sentence at the Federal Correctional Institution in Pennsylvania.
Lionsgate CEO Jon Feltheimer revealed the news in a conference call after the company's earnings release for last quarter, last week Friday.
He also dated the film, to be titled, what else, The Expendables 3, for August 15, 2014.
Other new faces to the film's cast, joining Snipes, will be Jackie Chan, Nicolas Cage and Milla Jovovich.
Production is set to begin in August, with Australian director Patrick Hughes helming.
I figured Snipes would jump at the opportunity to co-star in a high-profile project like this, as a first project right out of prison.
Before that however, Lionsgate will release Snipes' supernatural thriller, Gallowwalkers (a 3-year-old film that's finally being released) on DVD, Digital Download and VOD on August 6.
They are going to milk this dry and never make a female spin off.