"We'll update it, (but) we'll still keep some of the songs," MGM COO Rick Sands told the trade publication. "The script is being written right now, but we are keeping it under wraps. There will be a strong musical component, though." Producer Mark Canton ("300") and Lakeshore Entertainment are attached to the $25 million project, which is being aimed to hit theatres in summer 2008. Sands revealed a writer and director are on board but would not divulge details. No casting has been set.

The 1980 film — penned by Christopher Gore and directed by Alan Parker — centered around a group of students at a New York high school for performing arts. Producer David De Silva conceived and developed the film — starring Irene Cara, Paul McCrane, Debbie Allen and Anne Meara — that would later spawn a television series and stage musical. (The musical, which was presented Off-Broadway in 2003, is scheduled to return to London's West End this summer.)

Among the songs featured in the show are "I Sing the Body Electric," "Out Here On My Own" and the title track "Fame."