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Ortega is in negotiations to helm and choreograph, and Efron is in talks to play Ren McCormack, the rebellious newcomer (originally played by Kevin Bacon) in a town where dancing has been banned.
Original was directed by Herb Ross and scripted by Dean Pitchford.
Plan is to turn the project into a full-blown musical. "Footloose" was already turned into a Broadway tuner.
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Efron makes his feature debut in "Hairspray," which New Line releases Friday.