Berkoff recently workshopped Budd Schulberg's script – adapted from his Oscar-winning screenplay - in London.

"In March we're going to take it to Nottingham, and then we're going to transfer into London. I'd like to do it a bit earlier but that's the slot we had," Berkoff told Playbill.com.

There has been much speculation over who will play the Brando role of Terry Malloy. One newspaper suggested that screen stars Mark Ruffalo or Guy Pearce might up for the role. But Berkoff, though skeptical of casting a star in the role – "the play is the star" - told Playbill.com that Hollywood actor Matt Dillon could be a contender.

In "On the Waterfront" Brando, who played ex-prizefighter-turned-longshoreman Terry Malloy, immortalized the line "I coulda been a contender."

"Matt Dillon is a great boy, a great star, a pure warrior," said the 70-year-old Berkoff, who has appeared in many films including "Beverly Hills Cop," "Rambo" and "Octopussy." As a playwright and stage director, Berkoff is best known for his Kafka adaptations of Metamorphosis and The Trial, and for his plays East, Kvetch and Decadence, the film version of which featured Joan Collins.

Schulberg, now 93, co-wrote the stage version of On the Waterfront with Stan Silverman. The play reached Broadway in 1995 but closed after only eight performances. Berkoff bought the rights to the play earlier this year. A venue and dates for the London run have yet to be confirmed.