The MGM film, according to the Hollywood Reporter, will feature Kristy Flores as a dancer named Rosie, Paul Iacono as filmmaker Neil, Paul McGill a gay dancer named Kevin, Naturi Naughton as a classical pianist named Denise, Kay Panabaker as actress Jenny, Kherington Payne as ballerina Alice, Collins Pennie as an artist named Malik, Walter Perez as a musician named Victor and Anna Maria Perez de Tagle as Joy Moy. Thomas Dekker is currently in negotiations to play Marco, a singer, and Debbie Allen, who played strict dance teacher Lydia in the original Alan Parker film, may have a cameo in the remake. The adult roles have yet to be cast.

Choreographer Kevin Tancharoen will direct the remake of "Fame," which was penned by Allison Burnett and Aline Brosh McKenna. Lakeshore Entertainment's Gary Lucchesi and Tom Rosenberg are producing with Mark Canton.

The film, according to the industry paper, will "track the failures and fortunes of super-ambitious young performers and their teachers as they navigate a school year at the prestigious High School for the Performing Arts in New York."

MGM chairman Mary Parent told the Hollywood Reporter, "In many ways, the idea of pursuing a career in dance or music or acting is much more palpable now. Anyone with a page on a social networking site is instantly 'famous,' and anyone with a digital camera is a potential filmmaker. The negotiation between fame and real talent is much more immediate and something with which audiences are familiar, and there's a universal relatability to experiencing the trials and tribulations associated with pursuing one's dream, regardless of the arena."