The film is the first in Spengler's previously announced 12-film slate with the European comic book/graphic novel publisher Les Humanoides Associes.
Former Humanoids chief executive and Spengler's producing partner in Clubdeal, F Alexander Giger, will also serve as producer on Luchadores 5.
Clubdeal, Chamber 6 and Muttpop are co-producing the live-action film adaptation of the Lucha Libre series.
Chamber 6's Michael Olmos will direct. He recently directed Splinter starring Tom Sizemore and Edward James Olmos.
Adrian A Cruz will write the screenplay based on the story by Jerry Frissen and Bill & Gobi.
The comedy is about five Latino wrestlers in East Los Angeles who band together to save their neighborhood.
Spengler said: 'For many years I have dreamt of returning to the comic book inspired films. The opportunity arose with the Humanoids catalogue and I am delighted that Luchadores will be among the first productions. I am convinced the Luchadores universe created by Jerry Frissen, Bill, Gobi, Fabien M., Tanquerelle and Witko is rich enough to provide material for a franchise.'
Luchadores 5 is casting now and will start shooting in early 2008 in Los Angeles for a release in autumn 2009.
Olmos and Cruz, represented by the William Morris Agency and Leslie Conliffe of Intellectual Property Group, will serve as co-executive producers. Muttpop's Jerry Frissen, the creator of the Lucha Libre characters, and Robert Silva will executive produce. Clubdeal's Hicham Benkirane will serve as associate producer.
Spengler's Clubdeal was launched in 1996 and is also developing projects including Rouge Bresil, based on the novel by Jean Christophe Rufin.