"King Of New York" is a highly influential movie when it comes to hip-hop (it was featured on our 'Films That Have Influenced Hip-Hop List,' rightly so). and it looks like Diddy may be trying to capitalize on that influence by doing a remake of the 1990 gangster classic.

Rumor is that Diddy and the Oscar-winning director/producer Brian Grazer are teaming up to make a new version of the cult classic, this time with Diddy possibly having the lead role. The original film starred Christopher Walken as Frank White, as well as Laurence Fishburne and Wesley Snipes. The film tells the story of Frank White, a drug kingpin returning home from prison.

Grazer reportedly told the NYPost about their plans, "Sean optioned the rights to remake ‘King of New York’ for two years. The film is a cult classic, and it will be great to remake it. Our version won’t be exactly the same, but will have the same hard-core gangster feel. Sean wants to be in it, he was amazing in ‘Monster’s Ball,’ and such strong characters sit perfectly with him."

The two are hoping to start production next year. Do you think Diddy would be good in 'King Of New York'? Does the film need a re-make?