Adam McKay is in talks to direct the remake of comedy 'Uptown Saturday Night'.
The 'Anchorman' director is expected to start work on the project after completing the sequel to the Will Ferrell comedy, which is set for an early 2013 start and 2014 release.
Will Smith and Denzel Washington are in line to star in the film with the 'Men in Black' star and James Lassiter's Overbrook Entertainment developing the movie, Deadline reports.
The 1974 motion picture - which starred Bill Cosby, Sir Sidney Poitier, Harry Belafonte and Flip Wilson - sees friends Steve Jackson (Sidney) and Wardell Franklin (Bill) partying at a illegal nightclub when they are forced to hand over their wallets to masked bandits.
But the day after Steve learns that his wallet contained a winning lottery ticket, so the pair enlist the help of underworld crime bosses and fake detectives as they set out to get his winnings back.
Timothy Dowling - who wrote the script for 'This Means War' - is in line to pen the movie and he has previously described the film as having a "similar tone" to 2009 comedy 'The Hangover'.
He said: "The best way to describe it is a 'one crazy night' movie but it's not just one night.
"Both of the main characters are blue collar guys, one doesn't get a promotion, one's business isn't doing great, they go out for a night and get caught up in something they need to find their way out of. It's similar in tone to 'The Hangover'. I think it will be really fun."