So, is Rodriguez doing this before or after his recently-announced reboot of Predator? Between the two projects, it sounds like he's going to be a very busy guy.
Machete is set to begin production in June. So that will probably be first. I don't know how far along into the pre-production phase Predators is, but Fox has set a release date of July 7, 2010, which may or may not change based on Rodriguez's schedule.
Either way, this news certainly made my weekend! Rodriguez has a pretty awesome slate of films coming up.