The project is still in the early planning phase but it is confirmed that the hero will be a black woman, said The Hollywood Reporter.
Max Winkler and Matt Spicer are on board to write the script for the 'reboot-sequel', which is currently titled The Rocketeers.
The 1991 movie was inspired by Dave Stevens' comic, and starred Billy Campbell, Jennifer Connelly, Timothy Dalton and Alan Arkin.
The movie revolves around a pilot who faces off against the Nazis and the Mob after discovering a rocket pack and flying suit.
The new version will apparently be set six years after the first film, with Rocketeer Cliff Secord's whereabouts unknown.
A young African-American female pilot steps into the suit to prevent a corrupt rocket scientist from stealing jet-pack technology as the Cold War rages.