Wachowski is set to write and direct a fourth science fiction film set in the world of "The Matrix," with Reeves and Moss reprising their roles as Neo and Trinity, respectively, reports variety.com.
Production company Warner Bros. Pictures and Village Roadshow Pictures will produce and globally distribute the film. Warner Bros. Picture Group chairman Toby Emmerich made the announcement on Tuesday.
"We could not be more excited to be re-entering 'The Matrix' with Lana," said Emmerich. "Lana is a true visionary a singular and original creative filmmaker and we are thrilled that she is writing, directing and producing this new chapter in 'The Matrix' universe," he added.
In addition to Wachowski, the script was also written by Aleksandar Hemon and David Mitchell. According to sources, the film is expected to begin production in the beginning of 2020.
Warner Bros. has been trying for the last of couple years to find a way to get back into "The Matrix" universe, but a hold-up over producing rights slowed the project down.
The plot details of the film are currently under wraps, as is how the role of Morpheus will be handled, originally played by Laurence Fishburne.
According to sources, Fishburne's role may be recast for a younger take.
The three previous installments "The Matrix," "The Matrix Reloaded" and "The Matrix Revolutions" have collectively earned more than $1.6 billion at the global box-office.
"Many of the ideas Lilly and I explored 20 years ago about our reality are even more relevant now. I'm very happy to have these characters back in my life and grateful for another chance to work with my brilliant friends," Wachowski said.
The first installment of the "Matrix" franchise released in 1999. It told the story of
A computer programmer, who has to fight an underground war against powerful computers who have constructed his entire reality with a system called the Matrix.
( With inputs from IANS )