Here is a statement from Simon Kinberg about the project:
“[Wright is] one of my favorite directors of all time and one of my favorite people, just a super great guy. Obviously a cinephile. We are working on it actively. He’s actively working on the script with Michael Bacall. And our hope would be that it is a movie that, again, all fingers crossed and luck and everything else go our way, that Edgar could maybe direct next year. Well, what’s cool is that Edgar, completely separately, before myself and Paramount started down the journey of figuring out how to get the remake rights, which was complicated, he had tweeted, just on his own — and I follow him obviously on every possible platform — he had tweeted that if there was one movie he would remake ever, it was Running Man.”
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Here is the goodreads synopsis of The Running Man by Stephen King:
In the year 2025, the best men don't run for president, they run for their lives...
Ben Richards is out of work and out of luck. His eighteen-month-old daughter is sick, and neither Ben nor his wife can afford to take her to a doctor. For a man from the poor side of town with no cash and no hope, there's only one thing to do: become a contestant on one of the Network's Games, shows where you can win more money than you've ever dreamed of - or die trying. Now Ben's going prime-time on the Network's highest-rated viewer participation show. And he's about to become a prey for the masses...
Source: Yahoo