Steve Martin, currently costarring in ''Looney Tunes Back in Action,'' will go from hanging with Bugs Bunny to starring in ''The Pink Panther.'' The star is taking over Peter Sellers' role as the hapless Inspector Jacques Clouseau in a new version of ''Pink Panther'' for MGM, according to the Hollywood Reporter. After Sellers died in 1990, Roger Moore and Alan Arkin each tried their hand at playing Clouseau.
Ivan Reitman (''Stripes,'' ''Ghostbusters'') is set to direct the new ''Panther'' movie, which is tentatively due in 2005. Martin will next appear in ''Cheaper by the Dozen,'' which opens in December. He'll also costar with Claire Danes in an upcoming adaptation of his novel ''Shopgirl.''