The popular show, which ran from 1981 until 1989, focused on a rich oil family in Colorado and starred late actor John Forsythe as tycoon Blake Carrington, alongside Linda Evans and Collins.
Creator Richard Shapiro recently revealed plans to bring back the show back for a big screen outing, explaining the new film will tell fans how the family came into its oil fortune.
And Collins - whose addition to the cast helped make the show a huge hit - hopes Bond girl Arterton will play a younger version of her most famous character.
She tells Britain's Daily Express, “She (Arterton) has all the qualities that Alexis needs. She’s sexy, she looks clever and she’s kind of vixenous."
The popular show, which ran from 1981 until 1989, focused on a rich oil family in Colorado and starred late actor John Forsythe as tycoon Blake Carrington, alongside Linda Evans and Joan Collins.
Original Dynasty creator Richard Shapiro has now announced plans to bring the show back for a big screen outing, and he's revealed the new film will be set before the TV series and show how Forsythe's character discovers he is heir to an oil fortune.
Shapiro tells E! Online, "We've given thought to the movie before and we've been approached by a lot of companies, but no one seemed to have a proper fix on it. Then suddenly we said, 'Let's do it (ourselves)!' - and we're the ones to do it... It was my daughter Florie's notion to do a prequel, and that sounded very very good to us.
"It's how young Blake doesn't realise he's the son of Tom Carrington, but then he finds himself at the head of this company and surrounded by assassins and people who want to do him in."
Rival 1980s drama series Dallas is also set to make a comeback - TV bosses are planning a new small screen version of the hit show.
The Love Story star's ego took a hit when she showed up for a 1980s The Night of 100 Stars gala and realised she was no longer in the same category as the actresses of the day.
She recalls, "Everybody you ever heard of (was there). They featured people we know and love - Linda Evans, Joan Collins, Angie Dickinson... and we were given dresses to wear and we were given ways of walking out.
"At the point I was given the worst dress and I was, like, number 299 walking across Radio City (Music Hall) I got it... I felt like a loser."
And MacGraw admits she started to think she was less than she had been when she was one of Hollywood's most in-demand stars a decade before.
She adds, "The ego is such a trick, I just lost myself in that moment of 'What do they think...?' Nobody was counting off the people. It was very self-centred.
"So I got really loaded that night and woke up next to somebody I hadn't planned to spend the night with... It was total ego."
Shortly after that moment, the actress retreated from Hollywood and set up home in New Mexico.
Heather Locklear, John James and Diahann Carroll have snubbed the chance to reunite with their Dynasty cast mates in an upcoming TV special.
Producer Michael Levitt is the brains behind the show, Dynasty Reunion: Catfights & Caviar, and he invited the entire cast to team up for the anecdotal special, which will air in May.
John Forsythe, Linda Evans, Catherine Oxenberg and Joan Collins were among the first stars to sign up for the 25th anniversary show, but Levitt has had less luck with others.
He says, "They graciously declined."
Ambitious Levitt hopes to persuade Evans and Collins to reenact their famous pool catfight as part of the upcoming special, which will be shot next month at the Filoli Mansion in California, which doubled as the home of Dynasty's Carrington family in the opening credits of the soap.
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