Caine and Olivier were both nominated for the Best Actor Oscar for their performances as rivals playing a deadly game of cat-and-mouse. Caine told columnist Army Archerd will he play the role originally played by Olivier, with Jude Law taking over his old part.
Law recently finished filming a remake of "Alfie," the 1966 film that made Caine an international star.
The "Sleuth" remake will be directed by Stephen Frears ("High Fidelity," "The Grifters").
Caine also said he has had talks about joining Sandra Bullock in a sequel to their 2000 comedy hit, "Miss Congeniality."
According to The Hollywood Reporter, John Pasquin has signed to direct "Miss Congeniality 2." Pasquin ("Home Improvement," "The Santa Clause") has directed several episodes of the ABC comedy "George Lopez," which is produced by Bullock's production company.