The big-screen, live-action version of the classic 1960s anime series "Speed Racer" has finally shifted into top gear says The Hollywood Reporter.

Larry and Andy Wachowski are writing and will direct the Warner Bros. movie, the duo's first directorial outing since completing the "Matrix" trilogy in 2003.

Much of the team on those films including VFX supervisor John Gaeta and producer Joel Silver will also be involved.

"Speed" will follow the adventures of the young race car driver Speed in his quest for glory in his thundering gadget-laden vehicle, Mach 5.

The family-friendly movie will feature other characters from the show, including Speed's family and his mysterious archrival, Racer X.

Shooting will begin next Summer for a Summer 2008 release.