That will include the showdown between Joe Frazier and Muhammad Ali that was called the Thrilla In Manila.
Peter Morgan will write the script. The movie will have a narrative that connects the 3D depiction of some of boxing's great fights, and Lee will produce the film with his longtime producing partner James Schamus, reported Deadline.
Schamus, who is CEO of Universal-based Focus Features, has collaborated in a writing-producing capacity with Lee on films that range from "Eat Drink Man Woman to Sense And Sensibility", "The Ice Storm, "Crouching Tiger, Hidden Dragon", "Hulk" and "Brokeback Mountain".
Mumbai Roundup: 9 incidents that took place this week
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Photos: Kareena Kapoor Khan's grand birthday bash
Photos: 'Dangal' girls Sanya Malhotra, Fatima Sana Shaikh's dinner outing