Gibson will play Stallone's adversary, while a representative for Banderas told that he and Stallone worked well together in "Assassins".
The third film, to be directed by Patrick Hughes, will reportedly feature a younger group of action heroes who clash with the older generation before eventually coming together and saving the day.
The rest of the cast for "The Expendables 3" has yet to be confirmed. However, a release date of August 15 next year has already been announced.
"The Expendables 2" starred Stallone alongside Willis, Arnold Schwarzenegger, Jason Statham and Jet Li.
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