The original film centres on a group of outlaws, among them William Holden and Ernest Borgnine, who plan one final bank robbery on the Texas-Mexico border as the traditional American West changes around them in 1913.
Warner Bros had previously hired Training Day's David Ayer to write a script for a Wild Bunch reboot. More recently Brian Helgeland and Tony Scott were working on a screenplay, but work on the project stopped after Scott's death last year.
This new version involves cartels south of the border and follows a disgraced DEA agent who assembles a team to go after a Mexican drug lord and his fortune.
Smith and Jerry Weintraub will produce and the search for a new writer is currently underway.
Smith is also attached to star in the action drama The American Can.
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