It's hoped friendly furry alien ALF, who starred in 102 episodes of the show from 1986-90, will be voiced by actor Paul Fusco, the original puppeteer.
Unlike in the TV series, where ALF was portrayed by a puppet, the alien will be animated in the film - similar to the big screen adaptation of Garfield.
The film will be produced by Jordan Kerner, the man who turned 1980s cartoon The Smurfs into a blockbuster franchise.
ALF creator Fusco previously told The Hollywood Reporter: “I think the timing is right. That’s a big important thing, timing.
“There have been movies out there of characters that I didn't think were on the same parallel as ALF that got movies made, so I think it's time. I think it could be a home run on a lot of levels."
In the UK the wave of nostalgia for childrens' TV shows has seen the BBC's The Magic Roundabout turned into a film in 2005, with stars such as Tom Baker, Joanna Lumley, Ian McKellen, Kylie Minogue, Robbie Williams, Bill Nighy and Jim Broadbent voicing roles.
And now much-loved Paddington Bear has packed his suitcase and headed to Hollywood, for his own big screen adaptation due for release in 2014.
Inspired by the classic children's stories by author Michael Bond, the film will be directed by The Mighty Boosh's Paul King and will feature a mixture of live action and CGI.
Harry Potter's David Heyman is on production duties, he recently told LoveFilm: "Paddington Bear is a universally loved character, treasured for his optimism, his sense of fair play, and his perfect manners – and, of course, for his unintentional talent for comic chaos."
SLIDESHOW: Check out these American Kids' TV shows below and let us know which one you think deserves a film (if it hasn't got one already)...
"Sesame Street" (1970s)
"Lamb Chop's Play-Along"
"My Little Pony"
"Gullah Gullah Island"
muppet babies opening theme