'This Means War' helmer McG is in talks to direct while Amritraj's Hyde Park Entertainment is financing the action film alongside WWE Studios.
The film is being presented to foreign buyers at the Toronto Film Festival, said the Hollywood Reporter.
The series ran from 1981 to 1986 and starred Lee Majors as a Hollywood stunt man who supplemented his income by doing bounty hunter work. He was joined on his escapades by his sidekick cousin and a female stunt actress.
Amritraj in Toronto with the festival's closing night film 'Life of Crime'.