The original 1996 film, directed by F. Gary Gray, told the story of four friends who decide to rob banks after a series of struggles, including low-wage jobs and violence. It starred Jada Pinkett Smith, Queen Latifah, Vivica A. Fox and Kimberly Elise.
Rae is producing the new project alongside Montrel McKay through her company Issa Rae Productions, THR reported. Syreeta Singleton and Nina Gloster are writing the script and Rae may also star in the new film.
Representatives for Rae did not immediately return a request for comment.
“Set It Off” has continued to inspire fans of the film decades after its release.
A stage adaptation of “Set It Off,” by Je’Caryous Entertainment, premiered in Atlanta in March 2018.
Earlier this month, Rae, executive producer of HBO’s “A Black Lady Sketch Show,” gave a sneak peek into the filming of the fourth season of her Emmy- and Golden Globe-nominated series, “Insecure.”
Rae shared a video of the cast on Twitter, writing “Day One. Season 4.” The series will return to HBO next year.