The British moviemaker told WENN about plans to revamp the film, which starred John Hurt and Tim Roth as hitmen, last year (10) - and now the project is all set to go before the cameras.
Whereas the original was set in Europe, the revamp will take place in America and Mexico.
In 2010, Frears told WENN, "We're going to try and do a remake of The Hit. Somebody bought the remake rights and we said, 'Why, was it that bad?' Then a producer came to me and said, 'What a good idea to do it with Americans'.
"He came to me a few months ago and said, 'Why don't we do a remake?' and I said, 'Terrific'. I'd like to be asked to direct it. I think it's a really good idea."