Announced by CJ Entertainment in Pusan last night at the company's annual CJ Night bash, the project is still in the script-writing process, with director and other cast yet to be attached.
However, CJ says it is aiming to announce these, with a finalised budget and its other official production partners later this month.
With Zhang's tight working schedule, the company would like to see the film start shooting in November and release it in mid-2009.
Zhang recently wrapped the Chinese period piece Mei Lanfang and is to co-star with Hugh Grant in Susanne Bier's upcoming romance Lost For Words.
CJ is currently negotiating with potential China partners about distribution rights, and is looking to involve Korean post-production houses in the process.
The company also announced a Japan-Korea co-production Fish Story, based on bestselling writer Isaka Kotaro's hit novel.
Amuse Soft is producing the low-budget film, with Showgate to distribute in Japan. CJ is investing 10% of the total budget including p&a for Japan, and will distribute in Korea with international sales rights.
The feature film has newly adapted Kotaro's story into a light-hearted sci-fi drama where a piece of music saves the world. Several seemingly unconnected episodes occurring in different places in time are brought together in the end to show how the music saves the Earth.
The film is currently in post-production and is looking at a March 2009 release in Japan. Korean release dates are to be announced.