The 49-year-old actor has joined forces with Amazon MGM for a new production of the 1974 movie that starred Clint Eastwood and Jeff Bridges.
Reynolds is set to star in the movie and produce through his Maximum Effort production company, according to The Hollywood Reporter
Reynolds will also collaborate with writers Enzo Mileti and Scott Wilson on the script, while Deadpool and Wolverine editor Shane Reid is set to direct.
Thunderbolt and Lightfoot was the directorial debut of Michael Cimino.
Eastwood starred as John "Thunderbolt" Doherty, a bank robber disguised as a preacher who was almost killed before being unintentionally rescued by a young car thief named "Lightfoot" (Bridges), who partnered with him in a series of thefts.
Bridges earned an Academy Award nomination for best supporting actor for his performance in the film, which was also written by Cimino.
Meanwhile, it was recently revealed Reynolds would star in Netflix's live-action Eloise movie, alongside newcomer Mae Schenk.
The pair are teaming up for the streaming giant's upcoming adaptation of author Kay Thompson and illustrator Hilary Knight's beloved children's book, focused on a mischievous girl on the "tippy-top floor" of New York City's Plaza Hotel.
Gilmore Girls' Amy Sherman-Palladino will direct the film, having penned the script with Hannah Marks and Linda Woolverton.
Reynolds' role has been described as an "original villainous character", while Schenk will make her feature debut as the titular Eloise.
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