
First released in 1937, the musical has been reworked twice in the past, with Judy Garland and James Mason in 1957 and Barbra Streisand and Kris Kristofferson in 1976.
Actor-turned-director Nick Cassavettes is behind the latest version and has signed a deal with Warner Bros ahead of a 2012 release, reports Deadline Hollywood Daily.
Downey Jr. and Beyonce are the favorites for the lead roles, playing Normal Maine and Esther Victoria Blodgett, aka Vicki Lester - with Mad Men star John Hamm, Alicia Keys and Rihanna linked as back-up stars.
It's not the first time a remake has been mooted, Will Smith and Jennifer Lopez were once linked to a version planned by director Joel Schumacher.
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