The college comedy, which originally starred Val Kilmer, is still in the early stages of development.
Ron Howard and Brian Grazer's Imagine Entertainment is overseeing the project and currently has a second take on the script out to writers.
The 1985 version of the film followed two gifted teens who head a team of young geniuses on an advanced class project. Things get complicated when they find out that their professor intends to use their work for evil.
A production schedule or cast listing has yet to be released, though it has been confirmed that Kilmer will not be involved in the remake.