The last we heard on a new Rambo movie, the project was called Rambo V: The Savage Hunt, and Sylvester Stallone revealed in May 2010 there was a 99% chance the sequel wasn't happening. It seems there may be some movement on the sequel after all, since Conan the Barbarian screenwriter Sean Hood recently turned in his draft for the sequel, now entitled Rambo: Last Stand, to Millennium Films. Here's what he had to say about the sequel.

"I recently finished a first draft of Rambo: Last Stand (Rambo 5) for Millennium Films, based on a story idea by Sylvester Stallone. Hopefully, Mr. Stallone will eventually have the time and the inclination to do another Rambo."
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In another interview, Sean Hood clarified that Sylvester Stallone has been involved with the sequel over the past year.

"I met with Mr. Stallone twice last year. He gave me a book, an older screenplay, and about twenty pages he'd written himself to use as inspiration for the last chapter of the Rambo saga."

However, there is still no guarantee that Sylvester Stallone will reprise his role of John Rambo once more.

"As of now, I don't know whether Mr. Stallone will actually do it. Right now, as I understand it, he has his hands full with Bullet to the Head and The Expendables 2. But Millennium films did hire me to complete the screenplay and realize his story, and my hope is that he'll eventually be inspired to do one more Rambo film, with the tone of Clint Eastwood's Unforgiven."

It's still too early to tell whether or not Rambo: Last Stand will actually see the light of day, although it seems to be moving in the right direction.