The Angel Has Fallen filmmaker is helming from a script by Mark Bianculli and casting is currently underway for supporting roles alongside Stallone.
Neal H Moritz’s Original Film will produce with Rocket Science and Stallone and Braden Aftergood’s Balboa Productions.
Waugh said in a statement: “Growing up with the biggest action films of the 80s and 90s, working on many of them myself, Cliffhanger was by far one of my favourite spectacles. To be at the helm of the next chapter, scaling the Italian Alps with the legend himself, Sylvester Stallone, is a dream come true.
“It’s going to be a great challenge and blast taking this franchise to new heights, a responsibility I don’t take lightly.”
Moritz added: “I’ll never forget the thrill I felt watching Sylvester Stallone in Cliffhanger. I am incredibly excited to be working with him and Ric Waugh to continue the story of Gabe Walker and introduce this iconic story to a new generation of filmgoers around the world.”
The original Cliffhanger was directed by Renny Harlin and follows Gabe as a rescue mission embroils him in a botched air heist by a group of international criminals. John Lithgow, Michael Rooker and Janine Turner also featured in the film.
Stallone will next be seen on the big screen in the upcoming Guardians Of The Galaxy Vol 3 and is also set to star in The Expendables 4 later this year.