Reynolds will also be on familiar ground, as the script is also written by Deadpool writers Paul Wernick and Rhett Reese. The plot reportedly revolves around six billionaires who fake their own deaths, before forming an elite squad to fight bad guys.
Six Underground is set to begin production this summer, with an expected release on Netflix sometime in 2019.
Bay’s new film will also be produced by Skydance Media, who have worked with Netflix before on shows like the Emmy-nominated Grace and Frankieand the fantasy drama series Altered Carbon starring Joel Kinnaman.
Deadpool 2 recently toppled Avengers: Infinity War at the box office, grossing $301 million worldwide.