The U.K. banner Fairbanks Productions is planning a remake of Baroness Emmuska Orczy's classic play and action novel The Scarlet Pimpernel, starring British actor Neil Jackson, with a budget of $120 million.

According to The Hollywood Reporter, the new production company was started by great grandson and grandson of Hollywood legends Douglas Fairbanks and Douglas Fairbanks Jr., Dominick Fairbanks.

The Scarlet Pimpernel is set during the Reign of Terror following the start of the French Revolution. The story is a precursor to the "disguised superhero" tales such as Zorro, Superman and Batman.

Cult British writer and director Michael Armstrong will act as head of creative development.

The Scarlet Pimpernel will go into production sometime in the latter half of next year, in Eastern Europe, with a host of "high profile cameos" in the movie.