Last July, The Break Up co-writer Jeff Garelick was signed up to script and direct the adaptation, switching it from an action-centric project to a comedy in the style of Stripes and Police Academy.
Brian Gatewood and Alessandro Tanaka, who penned upcoming Jonah Hill comedy The Sitter, have also joined the film's writing team, according to The Hollywood Reporter.
The movie will apparently be centered around the female members of the lifeguard squad, with insiders comparing it to the Charlie's Angels adaptations. Paramount is hoping to release the film in summer 2011.
The original Baywatch series, which starred David Hasselhoff and Pamela Anderson, ran from 1989 to 1999 and spawned spinoff series Baywatch Nights and 2003 reunion film Baywatch: Hawaiian Wedding. Michael Berk, Doug Schwartz, Greg Bonann and Michele Berk, who created the original TV series, are producers on the movie project.