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It's fairly early days in the procedure, but Deadline understands that the whole thing will be overseen by Project X Entertainment, and - perhaps more importantly - James Vanderbilt.
If you're not already aware, James Vanderbilt is the man who has recently started bringing the Scream franchise back to life.
Vanderbilt founded Project X alongside fellow cinema bigwigs William Sherak and Paul Neinstein, but there's a long way to go yet.
So, whilst you might imagine that Vanderbilt will write the script - he is a screenwriter, after all - but as of yet there's no news about acting talent, writers, directors, or - really - anything at all.
However, we can take a guess at what will happen in the plot, if the other movies are anything to go by.
In those, Eddie Murphy's character plays a geeky and ugly professor called Sherman Klump who wants to find love. However, there are a whole host of reasons why that never happens, until he drinks a potion that turns him into a virile and attractive character called Buddy Love.
The Eddie Murphy film from 1996 was actually a reboot of a 1963 film of the same name starring Jerry Lewis, but this latest effort is more likely to take inspiration from the later remake.
That film was massively successful, and also won the best make-up award at the Academy Awards that year.
In 2000, a sequel was released called Nutty Professor 2: The Klumps. That was less successful, to say the least.
We'll have to wait and see whether there is a role for Eddie Murphy in this prospective effort, but they'll have to hire a lot more actors if he's not on board.
Murphy famously played not only Klump and Love, but also most of Klump's family members, too.
As mentioned before, this is the second famous franchise that Project X has managed to get hold of recently.
The Scream 5 pic is a decent way further along, though.
They've landed Paramount as a distributor, and have hired Matt Bettinelli-Olpin and Tyler Gillett to direct.
On top of that, there will be returns for some of the stars of the original films, such as Courtney Cox, Neve Campbell, and David Arquette.
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