"Rambo IV: In The Serpent's Eye", that's the new title according to Production Weekly. The site confirms that Sylvester Stallone is set to produce, direct, write and reprise his role of Vietnam vet John Rambo, in the third sequel in the franchise.
The next chapter finds Rambo recruited by a group of Christian human rights missionaries to protect them against pirates, during a humanitarian aid deliver to the persecuted Karen people of Burma.
After some of the missionaries are taken prisoner by sadistic Burmese soldiers, Rambo gets a second impossible job: to assemble a team of mercenaries to rescue the surviving relief workers.
Production is tentatively slated for January in Thailand.