The original film aired in 1989 and followed the story of a scientist, Wayne Szalinski, who invents a shrink ray and winds up shrinking his children by mistake. There were two other films in that franchise, "Honey, I Blew Up the Kid" and the direct-to-video "Honey, We Shrunk Ourselves".
The new film will also star Josh Gad who will play Szalinski's son, an aspiring scientist.
The original two films grossed $281 million at the global box office.