Seven Stars Film Studios (SSFS) confirmed at Cannes today (May 18) that it had joined Lion Rock Productions to finance and produce the film, which will be directed by Korean-American John H Lee.
Woo said: "The Killer is one of my most beloved projects. I have wanted to make an English-language remake and [am] thrilled to have John H Lee on board to make that happen.
"Lee brings a perfect blend of emotion and stunning visuals to his films and I have supreme confidence he'll bring this story to a new generation and do it justice."
Bruno Wu, chairman of SSFS's parent Seven Stars Global Entertainment, added: "SSFS and Lion Rock is the perfect team to bring this iconic project to the global audience.
"I have always admired John Woo's work and am confident he and John Lee are the ideal filmmaking duo."
The movie, which is penned by Josh Campbell and stars Jung Woo-Sung and Sarah Yan Li, will begin filming in Toronto in the last quarter of 2012.
It will be set in present-day Los Angeles and, like the original, centre around a contract killer who falls in love with a woman he blinded by mistake during a hit.
Watch the trailer for the original version of The Killer starring Chow Yun-Fat below:
Photo gallery - 65 years of the Cannes Film Festival: