ROME — Rome-based AMBI Group principals Andrea Iervolino and Monika Bacardi have announced they have closed an option agreement with the Fellini family to produce an homage to Federico Fellini’s classic “La Dolce Vita,” which they will finance and produce with Italian producer Daniele Di Lorenzo.

The film’s director, casting, and all other elements are still being decided.

Di Lorenzo will produce the film through his LDM Productions banner. AMBI, in addition to financing and producing through AMBI Pictures, will oversee global distribution of the film through its L.A.-based international sales division, AMBI Distribution.

“We’ve been approached countless times and asked to consider everything from remakes and reimaginings to prequels and sequels. We knew it would take very special producers and compelling circumstances to motivate the family to allow rights to be optioned,” Fellini’s niece Francesca Fellini said in a statement.

“All of the elements that made ‘La Dolce Vita’ an instant classic will be ingredients in this new film. Our vision is of a contemporary story every bit as commercial, iconic and award-worthy as the original,” enthused Iervolino.

That is a tall order, especially considering that Paolo Sorrentino’s “The Great Beauty” is a recent “La Dolce Vita” riff with plenty of those elements and won the foreign film Oscar in 2014. But perhaps there is an appetite for more of that flavor.

Considered one the best films of the era, “La Dolce Vita” won the Palme d’Or at the 1960 Cannes Film Festival and the Oscar for best costume design.

Rapidly expanding AMBI Group, owned and operated by Iervolino and Bacardi, has a varied slate that includes James Franco’s “In Dubious Battle,” the 3D CGI family animated film “Arctic Justice: Thunder Squad,” featuring the voices of John Cleese, Alec Baldwin, James Franco, Angelica Huston and Heidi Klum; and sci-fi thriller “Rupture,” toplining Noomi Rapace, Michael Chiklis and Peter Stormare.

They are headquartered in Rome, with offices also in Beverly Hills and Toronto.