Michelle Yeoh is set to return for the Crouching Tiger, Hidden Dragon sequel.
The Malaysian actress will reprise her role as Yu Shu Lien alongside martial arts star Donnie Yen, who has signed on to play Silent Wolf in the follow-up.
Crouching Tiger, Hidden Dragon II - The Green Destiny will be directed by Yuen Wo Ping, who has directed over 20 Chinese-language films but is best known for his fight choreography on The Matrix and Kill Bill films.
Producer Harvey Weinstein said: "I loved Ang Lee's film. I thought it was a master class in directing, but I know we are in fantastic hands with Yuen Wo Ping directing the second instalment of Crouching Tiger.
"Master Yuen worked with me on Iron Monkey, Kill Bill and now Grandmaster. He is a first-class director and choreographer, and I am thrilled to be teaming up with him once more. With John Fusco's incredible script and the dream team of Donnie Yen and Michelle Yeoh we are in great shape."
Harvey, Donnie and Yuen are set to reveal further plot details at the Cannes Film Festival.
Production on the highly anticipated sequel is expected to start in March 2014.
Crouching Tiger, Hidden Dragon, also starring Chow Yun-Fat and Zhang Ziyi, was a surprise box office hit when it was released in 2000. It made around 128 million US dollars in the US, 213.5 million US dollars worldwide and won director Ang Lee the Oscar for Best Foreign Language Film.