News was released on Thursday that a popular South Korean production company is in the process of buying the rights to the hit Bollywood dance flick AnyBody Can Dance, and Psy has been named to play the lead.

The unspecified production company is reportedly working out a deal with UTV to buy the rights to ABCD, India's first 3D dance movie.

Executives from both companies are expected to meet soon to hash out details and sign the paperwork.

"The South Korean film production house has been communicating with the UTV officials to purchase the remake rights. The plan is to have a South Korean version for which some officials will soon fly down to India," said a source at UTV.

It has also been alleged that Psy, the world-famous Korean singer with his own unique dancing style, has agreed to play the lead role portrayed in the Hindi original by Prabhudeva.

South Korea does not have a history of success with dance films. Generally speaking, movies that have come out of the peninsula of late have been primarily action-based or focused on personal drama stories. But the dance film genre is on the rise and Psy may just be the star needed to draw an audience.

The director of the original Indian version of ABCD will reportedly help out with the reinterpretation of the film for South Korean audiences. He said to India Today, "The South Korean filmmakers have liked the script and the presentation, which their audience can relate to." He also mentioned that the remake will differ quite a lot from his film. "They plan to officially buy the rights so that they can make the film in their own style and by adding many of their local dance forms."

The director, who is in the process of writing a sequel for AnyBody Can Dance, added, "Stories of underdogs make for interesting plots but the Korean filmmaker plan to have their own interpretation of the dance film, which is growing as a prominent genre."

You can watch the trailer to the original Indian AnyBody Can Dance below.