The project is set to be directed by "High School Musical" director Kenny Ortega, who was a choreographer for the original, The Hollywwod Reporter said.
The film was slated for release on July 26, 2013.
The project was gearing to start the casting process and was conducting screen tests. Lionsgate insiders say the postponing of the movie was to allow for more time for casting.
Late actor Patrick Swayze and Jennifer Grey starred in the original film.
The story was a coming of age drama that documented a teenage girl's coming of age through a relationship with a dance instructor whom she encounters during the family's summer vacation.
