The gritty original starred Brits Terence Stamp, John Hurt and Tim Roth, and The Queen director Frears has revealed a Hollywood revamp is in the works.
In the 1984 film, Roth and Hurt played tough guys hired to kidnap former gang boss Stamp in Spain and drive him to Paris, France to face justice.
But the new film will be set in Mexico.
Frears says, "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 think they go to Mexico in a few days time (to research and write)."
And Frears hopes he'll be a part of the remake: "I'd like to be asked to direct it. I think it's a really good idea. We'll set it in Mexico, going to North America."