The company picked up rights to U.S. and all English-speaking territories from IPW, Atmosphere/Relativity Media and Wild Bunch. Chuck Russell (The Mask) is in negotiations to direct from a script he wrote adapting the original movie.
In the remake, the story is set in Lake Havasu, Ariz., which sits on a crater formed by a prehistoric volcanic eruption. When a tremor cracks the lake floor open, prehistoric piranhas are set loose and people begin to disappear. Russell's screenplay uses elements from drafts by Josh Stolberg and Peter Goldfinger and the original screenplay by John Sayles from a story by Richard Robinson.
Dont't forget to also check out: Piranha
Piranha 3D was released August 20th, 2010 and stars Richard Dreyfuss, Ving Rhames, Elisabeth Shue, Christopher Lloyd, Eli Roth, Jerry O'Connell, Steven R. McQueen, Jessica Szohr. The film is directed by Alexandre Aja.