"With all the innovations that have been made over the past three decades and the technology of the future, 'The Anderson Tapes' will make for a great modern-day retelling," said Columbia co-president of production Matt Tolmach, who is overseeing the project with Rachel O'Connor, production vice president.
"Jerry Maguire" producer Laurence Mark is set to produce from a script by the writing team of Laurence Malkin and Chad Thumann, the Hollywood Reporter said.
The original film, directed by Sidney Lume, starred Sean Connery, Christopher Walken and Dyan Cannon and centered on a career thief paroled from prison who lived in a toney apartment building with his girlfriend.
The thief plans to rob the building, with financing from organized crime, unaware police are watching his every move in an effort to arrest the mobsters.
Celebrity Families of 2014 [PHOTOS]