The studio is developing a new version of the 1984 Steve Martin-fronted comedy based on a screenplay by Abby Kohn and Marc Silvertstein, according to The Hollywood Reporter.
All of Me starred Martin as a lawyer whose body is half-inhabited by the spirit of a deceased female millionaire, forcing the two to work together to put things right.
The remake, produced by John Davis, will feature a female protagonist whose body is inhabited by a male spirit.
New Line Cinema previously held the rights to the film, and were working on a reimagining with Queen Latifah in the lead role.
All of Me is yet to appoint a cast and director.
Watch a trailer for the original All of Me below: