The British TV presenter, who recently quit hosting his Radio 2 show over the Andrew Sachs phone scandal, is said to be developing an adaptation of the film, according to The Hollywood Reporter.
Russell has been with writers to work on the screenplay, which will be produced by MBST’s Larry Brezner, whose credits range from Robin William’s movie Good Morning Vietnam to HBO’s recent sketch show Little Britain USA.
The original film starred Dudley as carefree, alcoholic playboy Arthur, who is set to inherit a huge fortune but only if he marries a girl called Susan, who his family approve of. He proposes but then falls for another girl and is torn between love and money.
Dudley was nominated for an Oscar along with Steve Gordon, the film’s writer-director.
John Gielgud, who played Arthur’s valet and confident, won the best supporting actor Oscar, and the movie’s theme song, The Best That You Can Do, won the Oscar for original song. Liza Minnelli co-starred in the film.
Russell’s first Hollywood film role was as a rock star lothario in teen comedy Forgetting Sarah Marshall, which has led to a forthcoming starring role in spin-off film Get Him To The Greek.
He will next appear in Adam Sandler’s Bedtime Stories, which opens on Christmas Day and has been cast in Julie Taymor’s adaptation of Shakespeare’s The Tempest.