Eugenio Derbez has found the next project he will direct.

Variety is reporting that Derbez will helm and star in the upcoming film entitled "Ponce." The new film is part of Derbez's joint venture with Lionsgate-Televisa. Derbez's company 3Pas Studios acquired a spec script for the film by Max Botkin.

The upcoming film is set in modern-day America and it is a dramedy that turns on explorer Juan Ponce de Leon and his legendary quest for the Fountain of Youth. De Leon is a Spanish explorer and conquistador and he became the first Governor of Puerto Rico. How the story will work out is still not known but it will be interesting to see what Derbez and his team create.

This will likely be Derbez's third film as he previously announced plans to direct the remake of Argentine hit "Cuento Chino," which is currently in its third draft and is also likely to be Derbez's follow-up to "How to Be a Latin Lover." Derbez will star in the English-language film directed by Ken Marino and distributed by Pantelion. Shooting begins in March for that film.

Derbez signed the joint venture with Pantelion after his film "Instructions Not Included" opened to record breaking numbers and ended up making $44 million at the box office. The film also broke box office record in Mexico. However, no other film by Pantelion has been received with the same enthusiasm. Pantelion hopes that with Derbez's new project the actor can get his fan base back in cinemas and create the same type of box office success.

3Pas Studios has had a great year as it acquired a number of properties including the remake rights to French comedy "The Valet" and "Cuento Chino." It also signed a partnership with Nascar to develop a comedy feature, which is currently untitled.