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Hollywood's appetite for nostalgia continues. The latest recycling project: The Avengers, that quirky '60s spy series, which is now headed for the big screen courtesy of Warner Bros. Already signed to the estimated $50 million film is Ralph Fiennes, who will play John Steed, the character made famous by Patrick Macnee. And stepping into Diana Rigg's formidable boots as Mrs. Emma Peel will most likely be Uma Thurman. (''She's in serious discussions about it,'' says a spokesman for the actress.)

Thurman is the latest in a long line of contenders for the Peel part (Gwyneth Paltrow, Madeleine Stowe, and Drew Barrymore were under consideration). Until recently, Nicole Kidman was the front-runner. However, a scheduling conflict with Stanley Kubrick's Eyes Wide Shut, which she's currently filming with hubby Tom Cruise, made Kidman pass. (The Avengers isn't due to start filming until early June, and Eyes might not even wrap before then.)

The big question is, are people really clamoring for a remake of a 30-year-old British television series? Although the show is fondly remembered by a core of fans, The Avengers doesn't have the pop-cultural cachet of Mission: Impossible or The Brady Bunch. ''The brand is solid, but people who remember it are older,'' says Warner theatrical marketing president Chris Pula. ''So it's unrealistic to think you can rely on that. It has to reinvent itself for younger audiences.''

So expect a fast-paced action-adventure story, laced with flashy effects. Early drafts of the script had Peel and superspy Steed joining forces to fight villains who hurl lethal thunderbolts. However, the film will also be faithful to the offbeat feel of the original. ''Certainly this is going to be updated for the '90s,'' says producer Jerry Weintraub. ''But I was a big fan of the show and the tone of it is one thing I want to keep.'' Bowlers and bumbershoots, anyone?