Haim Saban and Lion's Gate are partnering up to create and develop "Power Rangers"  movie reboot. Meanwhile, it has been confirmed that Chloe Grace Moretz and original cast member Jason David Frank will be cast, as executive producer Robert Orci also "promises" he won't ruin the movie.

"Mighty Morphin Power Rangers" creator Haim Saban and Lion's Gate CEO Jon Feltheimer recently announced the partnership for the franchise, as Variety reports.

"Lionsgate is the perfect home for elevating our Power Rangers brand to the next level," said Saban in a statement. "They have the vision, marketing prowess and incredible track record in launching breakthrough hits from 'The Hunger Games' to 'Twilight' and 'Divergent.'" 

"We're thrilled to be partnering with Haim Saban and his team to maximize the potential of this immensely successful and universally recognized franchise," said Feltheimer. "The Power Rangers stories and characters have been embraced by generations of audiences for more than 20 years, and today they are more powerful than ever." 

Variety further added that Saban also produced  "Mighty Morphin Power Rangers: The Movie" in 1995 which grossed $66 million worldwide, followed by 1997's "Turbo: A Power Rangers Movie" which grossed only $9 million, both handled by Fox.

Additionally, according to KDrama Stars, it has been reported that "Kick-Ass" star Chloe Moretz will be playing Pink Ranger. "Pink Ranger is so cool. I'm getting excited to play another kick-ass lady like Hit-Girl," she says in an MTV news interview.

Other celebrities hinted to be cast in the movie are Liam Hemsworth, Jack Gleeson, Michael B. Jordan, Jamie Chung, and Roshon Feegan. As for Liam Neeson, ComicBookMovie.com reports that he will play the role of Power Rangers mentor, Zordon in the movie. 

Meryl Streep is also in talks to play the villain Rita Repulsa while MADtv comedians Jordan Peele and Keegan-Michael Key are rumored to portray Bulk and Skull in the movie. 

And last but not the least, Jason David Frank, one of the original cast members, is confirmed to play as a former Power Ranger that will help train the new heroes under Zordon's orders.

As of producing this much-awaited franchise, Roberto Orci has signed on to executive produce the film, as reported by Screen Rant. Though fans fear that he'll end up ruining the movie, he assures them the opposite. He states that the key is understanding why fans love the series.

"Part of it is seeing what we remember of it; our generation and what our memories of it are. Part of it is seeing the fans of it today. There are a lot of kids that love it today, and so it's about doing your homework. You talk to everybody who loves it and you find out why they love it and then you figure, what is the appropriate translation of that, tonally, to now? We have the added benefit of a movie is going to be two hours, or whatever it is, so it's gotta have an arc and a reality to it that maybe you don't have a chance to do all the time. That's going to be the exciting part."