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'Rambo' TV series in the works, could star Stallone

A television series based on the Sylvester Stallone action film franchise Rambo is in development.

Entertainment One (eOne) and Avi Lerner's company, Nu Image, have signed an agreement to create and produce the series, which will be shopped to outlets in the U.S. and internationally, according to a press release

Stallone is in negotiations to join the project on the creative end, as well as to potentially star in the title role.

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"Rambo fans cover all demographics and we're confident that we'll quickly find this series a home," eOne Television CEO John Morayniss said in a statement.

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Added Lerner, who produced 2008's Rambo, the fourth film in the franchise: "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."