Leading independent studio Entertainment One (eOne) is pleased to announce that it has firmed up a co-development pact with Avi Lerner (Rambo, The Expendables) and Nu Image to develop and produce a television series based on the legendary action movie, Rambo.

Under their exclusive option arrangement, the partners will collectively develop the series and shop it to broadcasters in the US and internationally. The parties are currently in negotiations with Sylvester Stallone to be involved with the project on a creative level as well as potentially reprise his iconic role as the original Rambo.

Rambo is a cult classic series of movies and an epic feature film character starring Sylvester Stallone as John Rambo. Based on the David Morell novel First Blood, the film is about a troubled Vietnam War veteran and former Green Beret who is skilled in many aspects of survival, weaponry, hand to hand combat and guerrilla warfare. The series consists of the films First Blood, Rambo: First Blood Part II, Rambo III and Rambo.

Here's what eOne Television CEO John Morayniss had to say about the project.

"We're thrilled to join forces with a renowned producer like Avi and the Nu Image team. The ability to fuse the big screen and the small screen through Avi's feature film expertise and eOne's domestic production capabilities and international distribution infrastructure, makes for a highly complementary partnership. Rambo fans cover all demographics and we're confident that we'll quickly find this series a home."

Avi Lerner had this to say in his own statement.

"I'm happy to be partnering with a prolific company like Entertainment One who has a track record of creating high quality programming for their broadcast partners around the world. And I'm excited by the prospect of collaborating again with my good friend Sly for an encore in this next phase of the Rambo legacy."

The television series will be produced by eOne in association with Lerner and Nu Image. Executive producers will include John Morayniss (Klondike, Rogue) for eOne and Lerner for Nu Image, with eOne handling the worldwide rights to the series in all media.