Reynolds directed and starred in the original movie, which was based on William Diehl's novel. Reynolds' version followed Sharky, an Atlanta narcotics cop who blows a huge narcotics case and is demoted to the vice squad. There he becomes caught up in a case involving a hooker (played by Rachel Ward) and some really shady characters.
According to Variety, the remake will most likely not be set in Atlanta.
Phil Joanou (the upcoming The Rock movie, The Gridiron Gang) will direct the remake with Mark Wahlberg and Stephen Levinson executive producing. Wahlberg may also star in the film.