The Oscar-winning filmmaker will direct the movie for Universal Pictures.
While few details are known, Deadline reported that it would be "an epic look at the boxing world of the 1960s and 1970s, as seen through the prism of its biggest rivalries and greatest fights".
It is expected to include the famous fight between Joe Frazier and Muhammad Ali that is known as the Thrilla In Manila.
Ang's last movie was 2012's Life Of Pi, which scooped four Academy Awards including the best director gong.
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