Source: Variety

As rumors still persist that Sylvester Stallone will resurrect the "Rambo" franchise, Columbia, Revolution Studios and MGM are teaming to co-produce and co-finance "Rocky Balboa," the sixth pic in the "Rocky" series, reports Variety.

Stallone will reprise his role as Philadelphia working-class hero and former champ Rocky Balboa. He will also write and direct. Burt Young returns in the role of Paulie; Bill Conti, who wrote the original "Rocky" score, returns as well.

Stallone said the story has the aging, widowed Rocky initially refusing a chance to get back in the ring. "There's a computer fight between the reigning world champion and Balboa, and Balboa wins," he said. "The champion's management says let's do this for real, for charity. Rocky says no but decides to be true to himself even though he's going to be berated by everyone. Just to compete, not to win."

Stallone said former heavyweight champion Roy Jones Jr. is in talks to play Rocky's opponent, Mason Dixon.

Pic will shoot starting in the first quarter of 2006 in Philadelphia and Las Vegas. No release date has been set yet.