No. If they treat it like James Bond, they completely miss the point of the character. Plus, I think the character is so tied to the Vietnam War specifically that I don't think a modern adaptation could work. Sure, it could be a period piece, but I just don't see the point of that.
I, and allot of OIF/OEF Vets will hate this idea. Rambo, as stated, is tied to Vietnam, a completely different time and style of warfare than what is currently happening. To equate the former Rambo, into a current Rambo, said Rambo would have to be either former SFOD-A Unit, aka Delta, but "officially" known as CAG, or Navy DevGrp, real name for Seal Team 6 ( which is no longer official as of 1986 ) Also did run into some people in the Army with th last name of Rambo - kinda big in the south, like LA.
Rambo is not James Bond. He's not a Legacy character to give his name to whoever you like. And depending if this going to be an adaptation of First Blood and the chase with the police or a POW rescue, Ramboot is never gonna be the same thing. I can smell the pretentious glorification of the US army all the way to present time!
Just a really bad idea. Rambo is one of those products of it's era that you can't just plop down into another era and make it work. Rambo was really the poster child for overly powerful characters so that jokes were made about how he could kill a room full of bad guys with just a rubber band and box of paper clips. The sort of ridiculous movie kill counts that Hot Shots Part Deux could lampoon. To plop Rambo into the modern era would feel like they were ripping off the Punisher from the Marvel Netflix series. I just don't see a movie topping that so why try other than to go for a quick cash in on a pop culture name.
Why does this need to exist? Sly is Rambo just as he is also Rocky (I am wearing a Rocky shirt as I am typing this). There are just some actors that own a role, like Harrison Ford as Indiana Jones or Hugh Jackman as Wolverine. This is just a bad idea (granted, Hollywood's out of ideas so to them a bad idea is at least something).
just no... do something new hollywood, just because there are only 7 main story styles in our world, does not equate to doing reboots, one can make a movie with a similar plot, but one can also do it with new needs, motivations, settings and characters that are not those of another film, just to make it easier for writing and money.