A big-screen, live-action version of Speed Racer is ready to begin, this time with Larry and Andy Wachowski behind the wheel, according to The Hollywood Reporter.

The Wachowski brothers are writing and will direct the movie, which will be produced by Joel Silver. They are reuniting with several of the creative behind-the-scenes talent from the Matrix films, including executive producer Grant Hill and visual effects supervisor John Gaeta, who won an Oscar for his work on The Matrix.

Based on the classic 1960s series created by anime pioneer Tatsuo Yoshida that later was retooled for North American audiences, the big-screen Speed Racer will follow the adventures of the young race car driver Speed in his quest for glory in his thundering gadget-laden vehicle, Mach 5. The movie will feature other characters from the show, including Speed's family and his mysterious archrival, Racer X.

When Silver worked on V for Vendetta with the Wachowskis, he approached them about tackling the project. The duo were reluctant to do it unless they could figure out a way to bring something new to the table.

Silver said that unlike the more adult-oriented material of the Wachowskis' past -- V for Vendetta, the Matrix movies and Bound were all rated R -- Speed Racer will be family-friendly.

The plan is for the Wachowskis to shoot in summer 2007 for a summer 2008 release.