Ang Lee’s followup to the Oscar-winning Life of Pi will be an adaptation of Ben Fountain’s award-winning novel Billy Lynn’s Long Halftime Walk, reports Deadline. Simon Beaufoy, the Oscar-winning screenwriter of Slumdog Millionaire, has written the script.

Described by the Guardian as a “fierce, exhilarating novel about the Iraq war”, the book centres on a group of American soldiers, known as Bravo squad, who have been sent home for a two-week break following a much-publicised firefight in which they were hailed as heroes. The story unfolds on the squad’s final day prior to returning to Iraq and is told from the perspective of 19-year-old Billy. Flashbacks to their time in Iraq take place as the soldiers are paraded during a break in a Dallas Cowboys American Football game.

Fountain’s debut novel won the National Book Critics Circle award for fiction in 2012 and has been labelled a “Catch 22 for the Iraq war” by some critics, with elements of comedy and drama. Lee had been expected to shoot a 3D reimagining of Joe Frazier and Muhammad Ali’s classic 1975 Thrilla in Manila boxing fight next, but that film is now expected to follow Long Halftime Walk into production.

“The most important thing to me is storytelling and Billy Lynn’s Long Halftime Walk is a story that immediately gripped me,” said Lee. “I look forward to starting the creative process with this extraordinary team of collaborators.”

Life of Pi won four prizes at the 2013 Oscars, including the coveted best director gong for Lee. The 3D fantasy also took a hugely impressive $609m across the globe.

Film4’s Tessa Ross optioned Billy Lynn’s Long Halftime Walk prior to departing for the National Theatre, and the UK production company is continuing to partner on the project. Other producers include Stephen Cornwell, Rhodri Thomas and Simon Cornwell of Ink Factory.