With Kurt Wimmer's screenplay and Ericson Core, the cinematographer behind the similarly themed Fast & the Furious, the remake's producers are still rounding out the cast.
Reeves character, former Ohio State quarterback Johnny Utah, has yet to be cast.
The 49-year-old actor said back in December that he would "absolutely not" participate in a remake, but he did offer the filmmakers his reserved blessing.
"If they can find a way to do it that works out good, then God bless them," Reeves said. "[It] sounds very exciting - but is it a good thing? I don't know."
"This is the thing -- surfing is a part of it, but I will tell you that we believe firmly, in terms of remaking a film like this, we've got to make it fresh," Kosove said. "[The remake] has got elements of the original and it's not just surfing, it's other kinds of extreme sports, but surfing is very, very prominent in the story."