Christopher Lambert and Sean Connery starred in the original. Peter Davis, one of the original producers, who also produce the new version after Summit acquired rights from Davis/Panzer Productions.
Summit holds worldwide rights but it is understood Summit Entertainment co-chairman and president Patrick Wachsberger will not commence pre-sales here.
'I have been a huge fan of the original Highlander and of its mythology,' Wachsberger said. 'I have always dreamed of reinventing this franchise; as a brand it is hard to think of one which has greater worldwide recognition with audiences - young and old.'
'We are extremely excited about embarking on this rebirth of the immortal Highlander franchise with the supremely talented Art Marcum and Matt Holloway,' Summit's production president Erik Feig said.
'Summit can now say 'There can be only one.' Again.' 'I'm delighted to be doing business with the extremely talented creative team at Summit,' Davis of Davis/Panzer Productions said.
'Highlander has inspired millions worldwide and I am certain that Patrick, Erik and Geoff [Shaevitz senior vice president of production] will be faithful to the Highlander Legend and the Highlander fandom.'
Feig will oversee the project for the studio along with Shaevitz and creative executive Gillian Bohrer.
Summit's executive vice president of business affairs Andrew Matosich and vice president of business affairs Karen Barna negotiated the deal with Alan Grodin of Weissman, Wolf, Bergman, Coleman, Grodin & Evall on behalf of Davis/Panzer Productions. Marcum and Holloway are represented by ICM and attorney Mark Bisgeier.