The project has been in development for several years at the studio, which originally made a deal in 2002 with series co-creators Cannell and Patrick Hasburgh to pen the project, the trade paper said.
Starring Johnny Depp, Holly Robinson Peete, Peter DeLuise and Richard Grieco, the original Fox TV series was about a team of baby-faced cops who went undercover in high schools to bust teen criminals.
Original is also working on a remake of Hitchcock's "To Catch a Thief" for Paramount.
Chipotle plans first price increase in 3 years
Justin Bieber crashes Drake Bell's album release party