Turns out the rumor does ring true. The Hollywood Reporter has delightfully brought in good news that Jet Li is holding negotiations with Universal Pictures to play the main villain in "The Mummy 3."
The third installment of "Mummy" franchise, the project has already had Rob Cohen on duty to direct based on script penned by Alfred Gough and Miles Millar. While the likes of Sean Daniel, Stephen Sommers, and Bob Ducsay also Jim and James Jacks are all confirmed to produce, no deals come yet from stars of the two previous films, Brendan Fraser and Rachel Weisz.
Details on the movie's plot are still being kept under wraps, but it indeed will be set in China with Li's story beginning in ancient times before moving to a post-World War II setting. Furthermore, it is also learned that one sequence will feature the famous terra-cotta warriors, the collection of 6,000 men and their horses that were originally constructed to protect the tomb of an emperor.