News that Jennifer Grey has signed on to make a new dance movie with Lionsgate has many industry insiders speculating that we might be witnessing the development of either a Dirty Dancing sequel or reboot.

In a new report from Deadline, it has been revealed that the star is re-teaming with the studio who produced (and still holds the rights to) the 1987 hit. While no statement is being made about whether the new film will be a follow-up to Dirty Dancing, the studio is also not making any denials.

If we had to bet, our money would be on Lionsgate looking at this as a chance to cash in on a highly nostalgic brand in an effort to pass the baton to a new generation and create a franchise in the process. Unfortunately, a big part of what made the original film such a classic, Patrick Swayze, will not be part of any new film as the actor passed away from pancreatic cancer in 2009.