He will take over directing duties from the late Richard Donner, who previously helmed the first four films in the action movie franchise between 1987 and 1998.
Gibson (65), who starred as LAPD detective Martin Riggs alongside his co-star Danny Glover in the films, said that Donner asked him to step into his role before he died in July this year at the age of 91.
Speaking at his An Experience with Mel Gibson fan event in London on Sunday, the actor reportedly told an audience that Lethal Weapon 5 was in the works and confirmed that he was set to direct it after receiving a blessing from Donner’s wife Lauren Shuler Donner.
“He was developing the screenplay and he got pretty far along with it,” Gibson explained.
“And he said to me one day, ‘Listen kid, if I kick the bucket, you will do it.’ And I said, ‘Shut up.’
“He did indeed pass away, but he did ask me to do it, and, at the time, I didn't say anything. He said it to his wife and to the studio and the producer. So, I will be directing the fifth one.”
According to Deadline, Lethal Weapon 5 will be exclusive to HBO Max with no theatrical release.
The fifth instalment of the classic buddy cop film franchise has been in development for several years, with The Equalizer screenwriter Richard Wenk penning the most recent draft of the script.
The latest film in the saga, Lethal Weapon 4, was released in 1998.
Gibson’s previous directing credits include The Passion of the Christ, Academy Award-winning Braveheart, and Hacksaw Ridge.