Going under the secretive working title of Untitled J& J Project, the project is being lined up for a 2007 start and isbeing sold here by Arclight Films.
Based on a classic Chinese legend, thestory follows a teenager who gets transported to ancient China after hesteals a mystical staff from a New York pawnshop.
The youngster enlists the help of a motley crew inorder to overcome the tyrannical Jade Emperor and release the legendaryMonkey King, the only person who can return him to modern times.
Casey Silver is producing and a director is yetto come on board.
Li recently wrapped filming in Vancouveron Lionsgate's action thriller Rogue oppositeJason Statham.
Chan is preparing to reprise his role as ChiefInspector Lee opposite Chris Tucker in New Line's Rush' Hour 3.'
Arclight has picked up rights to Eric Amadio's AfterSex, which is billed as an edgy relationship comedythat uses sex as a background to' examine intimacy and vulnerability.
Taryn Manning, Mark Blucas and Mila Kunis star andEmilio Diez Barroso and Darlene Caamano serve as producers.
Arclight's has already closed sales on MuraliThalluri's teenage drama 2:37 thatplays here in Un Certain Regard, with rights going to Village Roadshowin Australia, SND in France, Manga in Spain, and Cinequanon in Japan.
The Cannes slate includes the psychologicaldrama Prisoner starring Julian McMahonand Elias Koteas; teenage comedy Material Girls starring Hilary andHaylie Duff; and the Truman Capote drama Infamous, which stars Toby Jones and Sandra Bullock.