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It followed the story of an FBI agent (Travolta) consumed by the desire to avenge the death of his son by a terrorist (Cage).
In order to create the perfect disguise, Travolta's character undergoes some fairly radical facial cosmetic surgery to appear exactly like Cage's character, but after his nemesis awakens from a coma, he takes the face left behind by the FBI agent, and chaos ensues.
It is pretty much as ludicrous as it sounds, but also a total cult classic, meaning the new film is likely to be a hit with fans.
And while Deadline previously reported that the film might be recast - meaning the leading stars would be unlikely to return - Cage has now said he'd be keen to get involved.
He said: "Oh, I would love to. I would love to get back into that character and to work with Travolta. Absolutely!
"That was such a fun movie to make, and I mean it would be great to just see that happen. But who knows?"
The sequel will be directed by Adam Wingard, who said he'd never try to remake the original and instead is hoping to continue the story.
Posting a photo of Cage on Instagram earlier this year, Wingard wrote: "I would NEVER re-imagine or remake FACE/OFF. It's a perfect action movie.
"Simon Barrett and I are writing a direct SEQUEL!"
The aforementioned Simon Barrett, who is co-writing, added over on Twitter: "Adam clarifying things a bit on Instagram...
"Face-Off is a miraculous film, we would never attempt to directly recreate its magic, but we are very excited about what we have planned."
In the meantime, you can check Cage out in his new movie, Pig, which has gone down incredibly well with critics.
In the film, Cage plays reclusive Portland-based truffle forager Rob, whose beloved foraging pig goes missing. He sets out to find those responsible for the cruel theft, while also exploring his tortured relationship with his past self - having once been a renowned chef.
Pig is out in US cinemas now, with a UK release date yet to be confirmed.
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