Could be. Han Sanping of China Film has been quoted talking up some projects he's trying to set up in co-production with Hollywood studios and top of the list is a would-be remake of The Karate Kid. If Han's plan comes together Will Smith's son Jaden will take the lead with Smith playing the primary villain and the Pat Morita role being taken by either Jackie Chan or Stephen Chow. With this sort of set up the project would be retitled The Kung Fu Kid.
Now, this is all in discussion stages, so nothing is definite but Han and China Film also have a hand in the upcoming Snow and the Seven which is set up and getting ready to go so he's not just blowing smoke. I can't for the lfie of me imagine that Chow - a very proud man and one of the biggest stars in the world - would ever consent to do something like this but Chan has proven very willing to take on jobs just for the paycheck in recent years so that particular configuration actually seems pretty likely. Also in the works is Tai Chi Tiger to star Keanu Reeves and Yuen Wu Ping protege Chen Hu.