Fame: The previously announced remake has just secured its administrative lineup. The film, an update of the 1980 original, will once again follow the lives of students at New York High School of Performing Arts. Those guiding the talented crop include Megan Mullaley, Bebe Neuwirth, Kelsey Grammar and Charles S. Dutton. Debbie Allen - a veteran of the first film - will also join the cast as Principal Simms, an entirely new character.

Pinocchio: Although his name has been attached to a thousand projects, Guillermo del Toro (Pan’s Labryinth) has apparently found time to executive produce an update of the classic Carlo Collodi tale. The stop-animation feature will be co-directed by Gris Grimley, the illustrator behind a 2002 version of the book. The Jim Henson Co. production will reportedly take about three years to complete.

The Karate Kid: Only two years ago, Jaden Smith was making his big screen debut in The Pursuit of Happyness. Now the 10-year-old has graduated to leading man status. The Columbia Pictures film, an update of the 1984 Ralph Macchio hit, is being co-produced by Jaden’s father, Will Smith. A script is still being finalized.

Oldboy: Speaking of Will Smith, the Hancock star is currently in talks with Steven Spielberg about a redo of a 2003 Korean masterpiece. The blockbuster director had been wanting to work with Smith and for some reason chose this dark, violent and sexual piece about a man who is mysteriously kidnapped for 15 years. How they could possibly retool the disturbing (yet fantastic) film for their fan base is another question—one many do not want to know the answer to.

The Three Stooges: It’s going to take the work of two brothers to revive the comedy of an acting trio. Directing duo Peter and Bobby Farrelly (There’s Something About Mary) are on track to release a movie about the famous act by November 2009. According to Peter, the project will not a biopic about Larry, Curly and Moe. “It takes place in present day, and they look, dress and sound exactly like the Stooges,” Farrelly clarified. No actors have yet been attached to the film.

Hellraiser: Hoping to bank on the audience’s apparent lust for blood, The Weinstein Company is in the process of revitalizing the Hellraiser franchise. Instead of churning out another sequel, the studio plans to produce a “re-imagining” of the 1987 original. (This would be similar to what Rob Zombie did with Halloween.) Pascal Laugier, who recently wrote and directed a French horror film (Martyrs), has been tasked with helming this project.

Footloose: If seeing Zac Efron sing and dance in the HSM installments and Hairspray wasn’t enough, prepare to see him do it one more time. The teen heartthrob is close to becoming typecast once again - this time in a musical for Paramount Pictures. Although Kevin Bacon didn’t do any singing in the 1984 version, Efron is reportedly being paid a nice chunk of change to use his chops in the Kenny Ortega update. The studio hopes to start production in Spring 2009.