The original 1985 picture followed the lives of seven pals as they prepared for life after university, and kick-started the careers of Demi Moore, Rob Lowe and Emilio Estevez.
Now, the film is being remade for U.S. TV after executives at America's ABC network agreed a deal to revise the comedy-drama.
The show will focus on the same topics as the film, and will be set in the St. Elmo's Bar & Restaurant, just like the movie.
ABC bosses are hoping the pal-focused plot will fill the gap left by hit sitcom Friends, which ended in 2004 after 10 seasons.
Executive producer Dan Bucatinsky says, "I feel it is time to re-create Friends in the hour-long genre and feel like this is the perfect opportunity.
A group of unknown actors will be cast in the main roles, according to Daily Variety.