The director has also struck a deal with the 20th Century Fox to distribute his film and the movie is expected to be released in November 2014.
The film reunites Vaughn, Millar and screenwriter Jane Goldman. They worked together on 'Kick-Ass', reported The Guardian.
The director has already written the script with Goldman, and the film will be produced and financed by his own company, Marv Films.
The action-adventure film is about a veteran secret agent, who takes a younger colleague under his wing for an investigation. They travel to a small town that harbours a mysterious secret connected to Mount Everest.
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