Macchio starred as the original Karate Kid in 1984 and would reprise the role in sequels as well as the popular television series, Cobra Kai.
Chan, meanwhile, starred in the 2010 reboot as the spiritual successor to the original's Mr. Miyagi.
In a video posted by Sony, the pair announced the new movie while kickstarting the casting process for a young actor to play the main role.
According to The Hollywood Reporter, "the latest iteration will bring the story to the East Coast and focus on a teen from China who finds strength and direction via martial arts and a tough but wise mentor."
The casting call is looking for a "Chinese or Mixed-Race Chinese actor between 15-17 years old who speaks fluent English and is a smart, scrappy, and a skilled martial artist."
Jonathan Entwistle of I’m Not Okay with This and The End of the F***ing World is set to direct.
Rob Lieber, who previously worked on Sony’s Peter Rabbit and Disney’s Alexander and the Terrible, Horrible, No Good Very Bad Day, is writing the script.
The producers will have their work cut out to find the lead role as 10,000 (and counting) hopeful young actors have already applied.
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