According to Deadline, it could be a possibility:
I'm told that he's being courted by Fox 2000 to direct a remake of the 1975 musical, which has grossed north of $100 million and is considered the longest running theatrical release in film history because it still packs the faithful into midnight shows. The project is taking shape at Fox 2000, with Peter Chernin producing along with Lou Adler.
Murphy hasn't committed, but he has met.
I'm not sure if I want a remake of Rocky Horror. It's too much of a classic.
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