Patrick Swayze and Jennifer Grey became household names after starring in the 1987 hit, which tells the story of dance instructor Johnny Castle and his unlikely partner Frances 'Baby' Houseman.
The movie took in a staggering $215 million (£131 million) at the box office, and High School Musical choreographer Kenny Ortega - who worked on the original project - is hoping for the same success with his remake.
He says, "Patrick Swayze set the bar for men dancing in the movies as Gene Kelly and Fred Astaire did before him. I believe everywhere you look there is evidence that the talent is out there and I can't wait to begin the process of discovering the next breakout triple-threats."
And the original Baby - Grey - is ecstatic her breakthrough role will be re-imagined for a new generation of fans, insisting, "I'm so excited about this news, and I think there's nobody better to do this than my beloved Kenny Ortega, who is as responsible as anyone for the success of the first one. I can't wait to see what he's going to do with it."