TriStar has signed a deal with The Jim Henson Company to produce a new film.
"Guardians of the Galaxy" co-writer Nicole Perlman will pen the script, said The Hollywood Reporter.
The original musical fantasy movie, starred a 15-year-old Jennifer Connelly as the protagonist who has to navigate a maze to save her infant brother, who had been kidnapped by a goblin king - played by David Bowie, who recorded five songs for the film.
Most of the characters in the original were played by puppets produced by Jim Henson's Creature Shop.