Jeff Labrecque
February 26, 2009 AT 04:30 PM EST

Producer Neal Moritz (I Am Legend) and Columbia are in final negotiations to remake Total Recall, Paul Verhoeven’s 1990 Arnold Schwarzenegger sci-fi classic, according to The Hollywood Reporter.

Based on the Philip K. Dick story “We Can Remember It for You Wholesale,” that smash, in which Arnold played a futuristic Average Joe who may or may not be a secret agent determined to free Mars from its draconian leaders, grossed $261 million worldwide. As Quaid, Arnold slayed Sharon Stone, flirted with three-breasted women, and tracked down a creepy freedom-fighter named Kuato. After 19 years, Moritz is hoping the advancements in technology and state-of-the-art visual effects will help refresh the story.

Harvey and Bob Weinstein had once hoped to develop a remake (or sequel) when they still ran Miramax, but Columbia secured the rights when the Weinsteins left to start their own company.

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