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The 1984 movie, which launched Bacon's career, is to be remade starring Zac Efron.
Efron's High School Musical director Kenny Ortega will helm the film, which revolves around a town where dancing is banned.
Bacon told MTV that he is more than happy to "hand over" the baton to Efron.
"I’ve got the Footloose baton," he said. "Where did I put that baton? I think it’s in the hall closet. If it’s not it might be under my bed somewhere, but I’m ready to hand it to him… Absolutely. He’d be great."
Bacon added that although no-one from Paramount has approached him, he is open to the idea of making an appearance.
"Never say never," he said.
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