The High School Musical star is likely to take the lead role as the nattily dressed Tony Manero, originally played by John Travolta.

Hip-hop producer Timbaland is a possible contender to rework one of the most famous film soundtracks of all time.

Cowell, who has his own television production and music label Syco, and was on this year's rich list with a 120 million (HK$1.53 billion) fortune, is said to have been in talks with producer Robert Stigwood, who owns the rights to the screenplay, for several weeks already.

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Stigwood made the original 1977 film after reading an article about teenagers rediscovering dance competitions, and brought in the group he managed, the Bee Gees, to provide much of the music.

Travolta's character, 19-year- old Manero, was an Italian- American who led a mundane existence working in a small hardware store by day but ruled the dance floor at a Brooklyn club at night.

Cowell has been looking into buying the rights for years. He and Stigwood have reportedly made a breakthrough over the past couple of weeks.

Stigwood is said to be keen to get assurances the original would not be completely butchered.

THE DAILY TELEGRAPH