The director, long thought to have been tapped to helm the project, admitted during an interview with Motion TV Online that negotiations with the franchise's parent company MGM have already finished.
"It is about doing a new movie, and we're working on it at the moment, and the negotiations are closed already," Padilha explained. "It's a project I'm developing from the very beginning together with Josh Zetumer, and there's no deadline really.
"When the screenplay turns out good enough, then we will start shooting," the director confirmed.
Padilha, best known for his work on the popular Brazilian Elite Squad series, said that he can bring a new perspective to the '80s franchise.
"I think [MGM] saw my movies and felt there was something there that could bring to the present day this controversial, yet different, violent movie which is RoboCop without misrepresenting it," he added.
MGM shelved the potential reboot in July last year due to financial troubles, but last month announced plans to move ahead with the project.
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