The action star is also hoping to reunite with his former co-star Michael B Jordan in the film, which is being developed by MGM with Ryan Coogler attached to direct, reported Ace Showbiz.
Stallone will reportedly reprise his Rocky Balboa role in the movie while Jordan is expected to play the grandson of Apollo Creed, Balboa's greatest opponent. In the story, the young Creed is raised in "an upper-crust home".
He has natural instinct and gifts, and later seeks retired fighter Balboa to train him. Coogler will direct from a script he writes with Aaron Covington. Stallone, who is also busy in the musical production of"Rocky", will join forces with Kevin King, Irwin Winkler and Robert Chartoff to produce the movie.
Photos: SRK does garba, Nawazuddin takes 'shower' in bathtub
Photos: Soha Ali Khan, Evelyn Sharma, Urvashi Rautela at Mumbai airport
Spotted: Lara Dutta, Mahesh Bhupathi with their daughter in Bandra
Photos: SRK, Tamannaah Bhatia, Varun Dhawan at Mehboob Studio
Birthday special: Sushant Singh Rajput's journey from TV to films