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Woo and the studio are finalizing a two-year first-look deal that will include producing and directing services.

The director helped score major hits for Paramount in 1997 with "Face/Off" and in 2000 with "Mission: Impossible 2," which grossed $245 million and $546 million worldwide, respectively.

Woo is also attached to direct "Paycheck," a Ben Affleck sci-fi thriller co-financed by Paramount and DreamWorks, and is developing a computer-animated version of "Mighty Mouse" for Nickelodeon to produce for Paramount.

Woo and producing partner Terence Chang set up Lion Rock at MGM in a three-year first-look film and television deal in 2000. "Windtalkers," which disappointed at the box office, was the only film released under that partnership.

MGM and Hyde Park acquired thriller pitch "Endgame" late last year for Woo to develop and produce.

Woo began his career in Hong Kong with a string of action films such as "Hard-Boiled," acclaimed for mixing graceful movement, visceral force and never-before-seen stunts. He started working stateside with "Hard Target" in 1993 and "Broken Arrow" in 1996, then signed a two-year first-look deal with Sony in 1998.

Woo's deal with Paramount is the first major production agreement since the studio tapped veteran executive Tom Jacobson as co-president last month. Paramount signed former Warner Bros. production chief Lorenzo di Bonaventura to a producing deal late last year.

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