Don Knotts starred in the studio's 1964 original, which centered on the title character, an otherwise bland man who transforms into a talking fish. He soon becomes a World War II hero when he helps spot and thwart enemy warships for the Allies.
It was was a live action-animated hybrid (ala "Mary Poppins" and "Bedknobs and Broomsticks")--this new version will likely use CG animation and live-action.
Richard Linklater is set to direct the project.
Wolting and Pallotta have already begun working on design and animation for the project. Pallotta previously worked with Linklater on both "Waking Life" and "A Scanner Darkly".
Kevin Lima ("Enchanted") was hired back in mid-2009 to direct but left Linklater has reportedly met with the suits several times to lay out his vision.
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