Hill will write the script with Dave Johnson, said The Hollywood Reporter.
The original centred on a private investigator, who is killed when he discovers a dead body.
With his soul's future at stake - it is not decided if he is going to Heaven or Hell - he gets a chance for some redemption work, coming back to Earth as a dog in order to solve his own murder.
Chase starred in the movie with Jane Seymour and Omar Sharif. The dog was played by a descendant of classic film canine Benji.