He's working with Glen Larson and this will be another re-imagining of the story. Singer and Tom Desanto tried to launch a continuation of the original back in 2000 and were at the stage of building sets and props.
http://scifiwire.com/2009/08/confirmed-bryan-singer-to.php
Here's the concept stuff from Singer's first attempt.
http://www.youtube.com/watch?v=HiC-30keJSs