According to Variety, Damon will be starring in the project for Universal Pictures, which is expected to be released in 2010.
The screenplay will be written by George Nolfi, who co-wrote the third film of the franchise.
Although the films have been based on Robert Ludlum books, it seems that the new film will be an entirely original story. Paul Greengrass will direct the project.
We can next see Matt Damon in the Steven Soderbergh film, The Informant, opening on March 27.