Lin, 44, will also produce the movie through his production company, Perfect Storm Entertainment, as well as co-finance alongside Legendary Entertainment, said The Hollywood Reporter.
Legendary's Alex Garcia will oversee for the company. As the project is still in early development stages, no writer has yet to be attached.
The big-screen take on the Hot Wheels toy cars has actually been in the works for years. In 2003, McG ('Supernatural') was attached to direct and produce for Columbia Pictures before it landed at Warner Bros.
"Hot Wheels" is not the first Mattel toyline adapted to the big screen. Aside from a long list of Barbie films, a movie based on the Mattel action figure Max Steel is coming to US theatres on October 14. It stars Ben Winchell, Maria Bello, Ana Villafane, Andy Garcia and Billy Slaughter.
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