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Best known for 71: Into the Fire (2010) and A Moment to Remember (2004), the Seoul born Lee moved to America at the age of 12. His debut film The Cut Runs Deep - about Asian youth gangs in New York City – became a cult classic on its release in Korea in 2000 after failing to gain distribution in America.
Jung Woo-Sung is also attached to the remake, but it is not known if he is still involved.
Travolta, 58, will play Chow Yun Fat’s America counterpart as an assassin forced to take on a job to help a singer he unintentionally blinded.
It is the second movie Travolta has become attached to, as he is also set to play the lead role in a biopic about American football coach Vince Lombardi.
The film would have a personal connection for Travolta; Lombardi trained his father Salvatore Travolta before he went on to be a professional footballer.
The Super Bowl Trophy is named after Lombardi – who famously guided the Green Bay Packers to three straight league championships and two Super Bowls in the 1960s.
Travolta has also recently been linked to a role in a fifth Pirates Of The Caribbean film, which could see him make around £60 million.