Sky One has plans for a bid-budget drama based on the 1980s hit Fame.

Famous will be an updated version of the stage school film and TV smash that enjoyed worldwide domination.

The £7 million project is one of the two major ideas being considered by Sky bosses, according to reports in The Sun.

A source at Sky said on Wednesday night: “This is a project we are very interested in. We’ve got Famous on the table and also a medical drama from Ray Winstone’s company – Size Nine.

“Famous is about the get the go-ahead. It’s all singing, all dancing. We want it to be as raw as Fame – showing each and every aspect of the wannabes’ lives.”

Famous will be set in a London-based stage school similar to the New York High School for the Performing Arts in Fame.

Fame, the original movie, was a box office hit back in 1980, picking up two Oscars for Best Song and Best Score.

The film’s success spawned stage musicals and a popular TV series, which ran on the BBC between 1982 and 1987.

And the series became such a huge hit that the stars of the show went on a worldwide tour.