The original movie, starring Arnold Schwarzenegger, was based on the Philip K. Dick story "We Can Remember It for You Wholesale."
The new sci-fi action film will star Farrell as Douglas Quaid, a factory worker with implanted memories who begins to believe he is a spy, but is uncertain which side he works for—Euroamerica or New Shanghai.
Hawke's role has not yet been announced. Bryan Cranston will play the villain in the film, and Kate Beckinsale and Jessica Biel are in negotiations for the female leads.
The movie is set to begin production in Toronto in June.