Jet Li

Li, the Beijing-born star of "Hero," in September vowed that his latest film "Fearless" would be his last martial arts film.

But movie industry journal Variety reported Tuesday that Li would be lured out of 'retirement' to star opposite Hong Kong legend Chan for the first time in a film being touted as "an action movie with martial arts sequences."

The 70-million-dollar movie is untitled as yet but will be based on the legend of the monkey king and his quest to achieve immortality, Variety reported.

Li will play two roles -- the monkey king and the silent monk. Chan will meanwhile play the monk T'sa-Ho.

Shooting is due to get under way in April.