A potential follow-up, be it in sequel form or remake, has been floating around for years, though nothing has risen to the surface. But asked in a recent CNBC interview about who he'd cast if he made Splash today, Grazer demurred, revealing that he's actually working on a new version.
The 1984 film was a literal fish-out-of-water comedy, which saw Hannah's mermaid fall for human Hanks in New York. Grazer wouldn't be pressed on real details for the new development, but did say the following: “We’re going to do a version of that, but I can’t tell you the twist." You can see the full interview here.
Back in the day, there was an original treatment for the film known as Wet, which focused more on the mermaid's point of view. And Grazer's Imagine Entertainment has the rights to a script that has a merman tracking down his mermaid fiancee, who has left him for a human. We'll see whether the "twist" ends up switching the perspective. Grazer mentions that there will be an announcement soon.
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