Lionsgate, along with Ortega and Debra Martin Chase, will produce the remake, which is aiming to dance into cinemas nationwide July 26, 2013.

Casting has not been announced for the roles of Baby and dancer Johnny Castle, who become a couple both on and off the dance floor during a steamy summer at a Catskills resort in the 1960's.

The remake will include songs from the 1987 film, as well as classics from the 1960's and new compositions. Stand-outs from the original include "Do You Love Me?," "Hungry Eyes" and the Academy Award-winning song "(I've Had) The Time Of My Life."

Original "Dirty Dancing" screenwriter and co-producer Eleanor Bergstein, whose own life inspired the story, has been approached to be involved in the project. Bergstein also adapted the stage musical of the property.

"The opportunity to direct 'Dirty Dancing' is like returning home for me," Ortega said in a statement. "Growing up in the 60s on the dance floor helped define me as a person and as an artist. I am looking forward to assembling a great creative team and an exciting cast to bring 'Dirty Dancing' to the screen for a new generation. Patrick Swayze set the bar for men dancing in the movies as Gene Kelly and Fred Astaire did before him. I believe everywhere you look there is evidence that the talent is out there and I can't wait to begin the process of discovering the next breakout triple-threats." Ortega was also announced to direct and choreograph a remake of another classic 1980's film, "Footloose," which was to star "High School Musical" sensation Zac Efron. The film moved forward without either's involvement.

In addition to Grey and Swayze, "Dirty Dancing" also featured performances by Jerry Orbach, Lonny Price and Kelly Bishop.

The stage musical of "Dirty Dancing" has played successful runs in Chicago, London, Toronto, Germany and Australia.