Taylor to showcase dazzling Karate Skills!!!

New Moon hunk Taylor Lautner will reportedly star in an action film called Cancun where he'll get to display the incredible karate skills he flaunted on Saturday Night Live Dec. 12.

The film will be made by a production company formed by Taylor, 17, and his dad, Dan Lautner, reports HitFix.

Execs from Summit Entertainment, which produced Twilight and New Moon (and is producing its other sequels) will oversee the project.

In Cancun, Taylor will play an aimless college student who travels to Cancun, Mexico, with a girl.While there, the girl and her friends are taken hostage by a drug cartel and Lautner must save them.

The film will highlight Taylor's stunning martial arts skills, which he honed during years of intense training as a child athlete.

When he was 8, Lautner represented the United States at the World Karate Association, where he won three gold medals and became the Junior World Forms and Weapons champion.

Taylor, who is quickly emerging as the new Hollywood It Boy, famously gained 30 pounds of muscle to play the hulking werewolf Jacob Black in New Moon.

And now, rumors are flying that Lautner is being considered to become the new face of Giorgio Armani menswear. While the deal has not been confirmed, it would be very lucrative for Taylor and would put his personal brand on the map globally.

Meanwhile, New Moon has been tearing up the box office. To date, the vampire romance has grossed an astonishing $630 million worldwide since its Nov. 20 release.

A sequel, Eclipse, has already been shot and will be released in June 2010.

New Moon, which co-stars Robert Pattinson, Kellan Lutz, Ashley Greene, Nikki Reed and Kristen Stewart, is in theaters now.