Walter Hill has entered into a partnership agreement with the Aldrich Co. to remake the 1962 psychological thriller “What Ever Happened to Baby Jane?,” which starred Joan Crawford and Bette Davis.

Hill will direct and adapt the screenplay. The original production was directed and produced by Robert Aldrich, written by Lukas Heller and based on the novel by Henry Farrell.

Story revolves around a decaying Hollywood mansion where a former child star and her sister, a movie queen from the ’30s, are forced into retirement after a crippling accident and live together in a lethal relationship culminating in violent tragedy.

“I am greatly honored that Walter Hill will be joining us in the collaboration of this film. I know that he will respect the material and the legacy of this terrific project,” said Adell Aldrich, daughter of the late Robert Aldrich.

Producer credit will be shared by Hill and Aldrich.

Hill most recently directed the action thriller “Bullet to the Head,” starring Sylvester Stallone, to be released by Warner Bros. in February.

He is represented by ICM Partners and Eric Brooks at Bloom, Hergott, Diemer. The Aldrich Co. is represented by Eric Weissmann.