Although it’s about time for Hollywood to start making over projects from the 90’s, MGM has decided it will be retooling a classic from 1980.

Realizing musicals are not dead to theatergoers, the studio is planning to bring a new version of Fame to today’s audiences. The update - like the Academy-Award winning original - will take place at the New York High School of Performing Arts and feature a wide range of talented artists including dancers, pianists and filmmakers.

Instead of waiting to release the movie on the original’s 30th anniversary, MGM has scheduled the premiere for September 25, 2009.

Actors already selected for the remake include Kristy Flores, Paul Iacono, Paul McGill, Naturi Naughton, Kay Panabaker, Kherington Payne, Collins Pennie, Walter Perez and Anna Maria Perez de Tagle. (Followers of So You Think You Can Dance might remember Kherington’s name from Season 4 of the competition.)

Debbie Allen - the real-life choreographer who played Lydia Grant in both the movie and television series - may also make an appearance as an entirely new character. (Coincidentally, Allen has been seen several times on SYTYCD as well.) Meanwhile, Thomas Dekker (The Sarah Connor Chronicles ) is currently in talks to play one of the musical’s leads.

Filming is set to begin late next month.