The veteran action man's tough guy character will tackle America's immigration crisis and Mexican drug cartels in the fifth instalment of the franchise, which began with "First Blood" in 1982.
"Rambo V: Last Blood", which is scheduled for a 20 September release according to Deadline, centres on Stallone's character as he takes on Mexican drug lords after a friend's daughter is kidnapped.
Last year (18), Spanish actor Sergio Peris-Mencheta was tapped as the villain for "Rambo V". He will play Hugo Martinez, the head of one of Mexico's most dangerous drug cartels, who finds himself at war with Stallone's mercenary John Rambo after he crosses into Mexico from America.
Actress Paz Vega also features in the action thriller, which is being directed by Adrian Grunberg from a script co-written by Stallone.
The film is being shot in Bulgaria, where Stallone has been sharing on set photos with fans on Instagram.
"It's so rewarding after so many years in the Biz to be truly excited about being in an extraordinary scene," he captioned a close-up shot of himself wearing a Stetson in the rain, after posting another image of himself riding a horse.
The new adventure comes 10 years after Stallone last reprised his Vietnam vet character for 2008's "Rambo".
The franchise was inspired by David Morrell's 1972 novel "First Blood".
The film series also featured the sequels "Rambo: First Blood Part II" in 1985 and "Rambo III" in 1988.