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The film, which launched Dudley Moore and Bo Derek to stardom, focused on a middle-aged songwriter who becomes obsessed with a mystery blonde.
Hyde Park Entertainment acquired the remake rights after a long campaign to win the trust of director Blake Edwards.
The firm's chairman Ashok Amritraj said: "Blake's timeless original encapsulated the fallacy of 'the grass is always greener' in relationships."
Producers will embark on a worldwide casting hunt to find an actress to take on the role made famous by Derek.
