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The Running Man is based on the 1982 dystopian novel of the same name by Steven King, originally published under his pseudonym Richard Bachman.
It centres on Ben Richards (Powell), a contestant on deadly reality show 'The Running Man', who must out-run a team of assassins to win a cash prize and save his sick child.
Supporting cast includes Marvel star Josh Brolin, Juno's Michael Cera, William H. Macy and Emilia Jones of CODA fame.
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The Running Man remake will also see Powell reunited with his Twisters co-star Katy O'Brian who played Dani in the 2024 remake.
The film is currently scheduled for release on November 21, 2025, in what is the same year that the original novel is set in.
In addition to his directing duties, Wright has co-written the script with Michael Bacall.
Powell previously praised Wright's screenplay and vision for the film in an interview with IndieWire.
"The world that Edgar's developed on this thing is just outrageous," he says. "It's so good. And really, we're just both such big fans of the Stephen King book [the movie is based on], and it's going to be a great character. I'm so fired up about it."
Powell additionally shared his delight at working with his "friend", having grown close to the Last Night in Soho director in recent years.
"The fact that I get to work with him right now is just so damn cool," he continued. "So that's been really fun for us to finally get in the trenches together."