Supposedly, he's producer.
That's what I read, but the real rumor is that he may be stepping into one of the roles. This has to be close to the top of the list of movies that do not need to be redone. Not that I don't think it could be an amazing movie, it just won't be unless some seriously good people are involved, and unless a studio throws tons of money at them and says "do whatever it takes to make this right". Not likely. I'll keep one finger crossed.