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 previously 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 looked 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."
New to town, Daniel is bullied by the local bullies, all of whom are familiar with karate. Determined to stand up for himself, Daniel decides to teach himself karate until he discovers that a karate master lives in his flat. mr. Miyagi agrees to train Daniel, and he teaches him that there is more to it than using force.
It has now been confirmed that Ben Wang of American Born Chinese fame will star.
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 had around 10,000 casting applications within just a few days of the movie being announced.
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