From The Hollywood Reporter:

More Samuel L. Jackson goodness is coming our way. Again.
Having most recently played a dirty cop in “Lakeview Terrace,” Jackson is set to star as a bad guy again in Columbia Pictures’ remake of Berry Gordy’s 1985 cult classic “The Last Dragon.”
Jackson will play Sho’nuff, the Shogun of Harlem, a role played in the original by the late Julius Carry, whose spiel included asking ego-driven questions like “Am I the baddest mofo lowdown around this town?” Each time his gang of thugs answered, “Sho ’nuff!”
Now I’ve never seen The Last Dragon, and I have to say, it sounds ridiculously badass: a kung fu, blaxploitation 80’s arcade-influenced movie. I personally am a huge fan of Black Belt Jones and Black Samurai, but to each their own.
The updated plot will be along the same lines of the original, centering on young martial arts student Leroy Green in his quest through the streets of New York to achieve the highest level of martial arts accomplishment, known as the Last Dragon. Those who achieve the high ranking possess the Glow, making them the greatest fighter alive.
Even with Sammy J. involved, I’m having a decidely difficult time picturing a remake of this movie actually happening. I’ll post the canceled project notice when it comes up.
I hope they don’t remake the movie… the original was great and I’m sure the remake will be disappointing. Classic movie!!