The Magic Mike XXL will take on the mermaid role made famous by Daryl Hannah in the 1984 original, while his 22 Jump Street co-star Jillian Bell will take on the part first played by Tom Hanks in Disney's upcoming twist on the tale, The Hollywood Reporter has revealed.
Imagine's Ron Howard and Brian Grazer will produce, alongside Channing, Reid Carolin and Peter Kieran via his Free Association banner. Marja-Lewis Ryan is to write the script for the production.
The 1984 movie starred Hanks as a man who was saved from drowning as a child by a mermaid.
Channing - who has three-year-old daughter Everly with wife Jenna Dewan-Tatum - will next be seen in Kingsman: The Golden Circl' and recently revealed his will direct a Magic Mike Live show in Las Vegas alongside choreographers Alison Faulk and Teresa Espinosa.
He said: "What I'm getting at is we're going to start Magic Mike Live in Las Vegas at The Hard Rock, March 2017. So please leave your comments and let us know what you want.
"God knows, we have enough gentleman's clubs in this country so let's start the first gentleladies club. We're going to create it for you." The live show will start in March 2017 at The Hard Rock Hotel & Casino in Las Vegas, Nevada and Channing is looking forward to the prospect of possibly returning to the stage himself.
He said: "Casting, directing, we're gonna do it all.
If I'm ever in shape enough to do it [perform] again, I absolutely want to do that. "For so many years now, I think male revues have told women what they should think is sexy, and when you really look at it, it's kind of misogynistic a little bit.
Daryl Hannah says she can at last put the past to rest. Hannah, 46, reckons she's lived most of her life in a vacuum because of crippling shyness.It has haunted her: half-told stories of strange behaviour that made her sound in urgent need of psychiatric treatment. Yet she has appeared in nearly 70 films over the past 30 years. "Many actresses are playing other people because they are shy," she counters. But she took them into adulthood, a woman so shy she would shake if she had to talk to a stranger and who fainted with fear on David Letterman's talk show in America. But I'm not hiding any more."She spent her childhood making up and talking to imaginary characters, like many children."It's just that they do not admit it to themselves, or others."Today, the star of a succession of box-office hits in the Eighties - Roxanne, Wall Street, Steel Magnolias - says age has been her saviour.She sits looking poised and confident in a low-key restaurant in Venice while attending the city's annual film festival.