The 'Snatch' director will reportedly team up with Warner Bros. to write and direct an adaptation of a new comic book, written by Lionel Wigram, which follows the life of fictional detective.
The director, who is married to Madonna, is said to be concentrating on Holmes' "skills as a boxer and a swordfighter," in a bid to change the way he has been portrayed in the past.
According to insiders, 'Departed' producer Dan Lin is also involved in the project.
Holmes is listed as the most portrayed movie character in the Guinness Book of World Records, with over 70 actors playing the character in more than 200 films.
Richie has not had a big box office hit since 'Snatch', which starred Brad Pitt, in 2000.
Recently, the director has been associated with the Joel Silver project 'Sgt. Rock' – another comic book adaptation.
Richie's latest film 'RocknRolla' is set to be released this autumn.
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