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The comic will play the imaginary friend of a woman who loses her job and husband over the course of her lunch break, says The Hollywood Reporter.
The 1991 original starred Phoebe Cates in the lead role and Rik Mayall as the friend.
Dennis McNicholas (Land Of The Lost) is working on the script for the remake, which will be similar in tone to Beetlejuice.
Brand is currently filming Get Him To The Greek for Universal, a comedy featuring his Forgetting Sarah Marshall character Aldous Snow.
More: Russell Brand, Movies
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