Reports of the film initially stemmed from actor Kane Kosugi. Reportedly, Kosugi was to star in the movie which would have been directed by famed Thai martial arts auteur Prachya Pinkaew. This morning however, a notice appeared on Kosugi's personal site, apologizing for yesterday's announcement and clarifying that Kosugi is instead slated to star in a film provisionally titled "Agent X."
Though not explicitly stated, it appears that this new project has no relation to Namco Bandai's 3D fighting game franchise - or, if it does, nobody bothered to inform long-time Tekken producer Katsuhiro Harada who has been shooting down reports of the film on Twitter. Kosugi's site "deeply" apologizes for the inconvenience.