It will be first film that Larry and Andy Wachowski have directed since completing the "Matrix" trilogy in 2003, the Hollywood Reporter said Wednesday.
A bunch of the behind-the-scenes talent from the "Matrix" films will be returning, including executive producer Grant Hill and visual effects supervisor John Gaeta.
The new "Speed Racer" will be based on the 1960's animated cartoon, following the young racecar driver "Speed" in outrageous adventures in his quest for glory in his gadget-laden car.
The movie will also feature other characters from the cartoon, as well as "Speed's" mysterious archrival, "Racer X."
"They are approaching these racing scenes in a way you've never seen before," said producer Joel Silver, adding that the brothers are designing the movie as they write.
"They wanted to do something that could appeal to everybody," Silver said.