Screenwriters Karen McCulluh and Kirsten Smith will rewrite the film's script and plot, while Marty Bowen and Wyck Godfrey will produce the project.
Parton's film started life as a hit 1978 play. The new version will be a big-budget musical.
The original 1982 film, which also starred Burt Reynolds, featured Parton's love anthem “I Will Always Love You.”
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