By Staff Reporter (media@latinospost.com) | First Posted: Oct 10, 2015 09:34 PM EDT

"Expendables 4" will begin filming in 2016 on a budget of over $100 million, Variety reported. The fourth film from the franchise is set for release in 2017.

The development comes after a series of deals were signed between Nu Image/Millennium and Steven Paul's International Pictures on behalf of SSXH Beijing and Max Screen Film Distribution, Variety exclusively learned.

The deals include equity investments with Chinese distribution rights, which could mean that "Expendables 4" maybe filmed in some locations in China. However, the film is not expected to include too much Chinese elements into the story.

There is no director or announced cast yet, but Variety is guessing that the producers will maintain the franchise's all-star action formula. The "Expendables 3" had Sylvester Stallone, Harrison Ford, Arnold Schwarzenegger and Mel Gibson.

Hulk Hogan had expressed his willingness to play a bad guy role for "The Expendables 4." In an interview with Uproxx, Hogan revealed having a conversation with Stallone over the phone. Together they discussed ways to turn the wrestler into the most evil man in the world.

"Y'know, Stallone gave me my first break and he's been a great friend. We had a great conversation, talking about the possibilities. Can I still run, can I still jump? Well, not as fast or not as high, but I think Hollywood could find a good stunt man to help me out," Hogan told Uproxx.

Dwayne Johnson, "The Rock," had also expressed his interest being in the franchise during a Reddit AMA done a year ago. "If you're asking me if I would consider being in the Expendables franchise -- then the answer is yes," Johnson told a fan. He however said that he is more interested in playing the villain. "I want to hunt every single one of them down and tell them to 'send your soul to heaven cause your ass is mine,'" he said. He even had his own plot in mind where Rousey lives and would play his character's training partner. Crews will also live because Johnson's character would need someone to compete with, he added.

In April, Schwarzenegger told USA TODAY that he is pushing Stallone to write the "Expendables 4." He said he had done this because he thinks that it remains a great idea to have an ensemble piece with many action heroes acting. "Especially if the comedy is really dne well. It could be a great story. There's definitely room for another," Schwarzenegger said.