The all-female movie is confirmed to follow an elite group of highly trained female mercenaries who are brought together for a covert hostage rescue mission, reported Ace Showbiz.
This project will reunite Luketic with scribe duo Kirsten "Kiwi" Smith and Karen McCullah who previously wrote his rom-coms 'Legally Blonde' and 'The Ugly Truth'.
Stallone, who is currently completing 'The Expendables 3', serves as a producer alongside Kevin King.
No actress has yet been confirmed to take on the lead roles, but executive producer Avi Lerner previously said he was in talks with Meryl Streep, Cameron Diaz and Milla Jovovich.
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