The 71-year-old filmmaker has signed up to co-write and direct the film titled, "Little Dragon", his first China project.
"We are working on the script," Shekhar said, adding that the first script draft was written by Bruce's daughter, Shannon Lee.
"Little Dragon" is being planned as an official U S - China co-production, with several Chinese companies expected to co-finance and co-produce the film.
The feature film will chronicle Bruce's early life before he left Hong Kong for Hollywood and went on to become an icon and Kung-Fu movie master in the 1970s.
"I used to say Indian films will definitely be very popular in China and yes, they are. 'Dangal' has proved what I said," he told PTI, after completing his chief judge assignment at the 28thSingapore International Film Festival yesterday.
Aamir Khan's "Dangal" or "Let's Wrestle, Dad" raked in more than USD 93.3 million within a month, when it released in China in May this year.
Shekhar's said his ambitious project, "Paani" is ready for take-off again and awaits investors' commitment.
He said the film will have new artistes as those who worked in the film, including Sushant Singh Rajput, were much older than the age of actors required for the roles.
The director said he is dedicated to the art of filmmaking.
"Every morning when I wake up, I say to myself I should be working more," he added.
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