SuperTed, which was much loved by the dukes of Cambridge and Sussex, was created by Mike Young who was trying to help his four-year-old stepson sleep.
The crime-fighting teddy bear gained magic powers after he was chucked away at a toy factory and subsequently brought back to life by an alien named Spotty.
The 1980’s show was watched in 128 different countries and although it was first aired in Welsh it was eventually translated into 32 languages.
Work on the new episodes is expected to start later this year and it is hoped the cartoon will be back on screens by 2023, the BBC reported.
The shows production firm would also like stars such as Hollywood’s Michael Sheen and Rhys Ifans to help voice characters like sidekick Spotty and baddie Texas Pete, it added.
But the reinvented show may have a 21st century twist. In 2014, Mr Young told Radio Times: “In ‘SuperTed’ we had a gun-slinging cowboy, a flamboyantly gay skeleton and a fat guy who had jokes made about his weight. And all these things you just wouldn’t do today.”
The news comes after other classic children’s shows such as Fireman Sam, Care Bears and My Little Pony were also readapted for today’s generation.