PHOTOS: Arnold Schwarzenegger's Top Grossing Films

Schwarzenegger is in talks to star in the reimagining, which would be directed by Hot Tub Time Machine helmer Steve Pink, who co-wrote the script with Daniel C. Mitchell, THR has confirmed.

International Film Trust is selling the project in Cannes. Akiva Goldsman and Richard Saperstein are among the producers.

The 1984 original told the tale of a nebbish boy who, after falling into a vat of toxic waste, becomes a disfigured radioactive hulking mess who fights bad guys.

The new version sees an average teen join an environmental club to impress his crush. While doing some investigating at a waste plant, he is thrown into a tub of waste and transforms into a radioactive hero.

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Details are slim on who Schwarzenegger would play. The likely options are the radioactive hero transformed; the crush's stepfather, who owns the plant and is ignoring the mutant creatures he is complicit in creating; or the plant's head of security, the movie's heavy.

Or one more possibility: Floyd Kaufman. The character is a nod to Lloyd Kaufman, the influential low-budget film producer and founder of Troma, the company behind the original. Floyd Kaufman is an exterminator at the plant.

Schwarzenegger next stars in David Ayer's ensemble crime thriller Ten.