Sylvester Stallone has signed up to write the script for a sixth Rocky movie, 12 years after the last movie flopped at the box office.

He may also return in the role of Rocky, who would be lured out of retirement for one last fight, according to reports.

The fictional boxer who rose from obscurity to become the heavyweight champion of the world hung up his gloves in Rocky V.

But rumours of a sixth film have circulated for years.

Film studio MGM confirmed Stallone had been hired to write a script that would return to the low-budget feel of the first film.

Nomination

Stallone has written and starred in all five previous Rocky films.

His performance and script for the first film earned him two Academy Award nominations.

The film also won Oscars for best director and best film in 1977, beating Martin Scorsese's Taxi Driver.

It was made for about $1m and took in $220m in worldwide ticket sales.

All of the Rocky movies took more than $100m in box office takings - apart from the fifth film, released in 1990, which took just $40m.

According to reports, MGM wants to make a low-budget film because of heavy losses inflicted on the company by recent flops such as John Woo's Windtalkers.

The company has been persuaded to resurrect the franchise because the past films continue to make money through DVD sales and video games, reported Reuters.