It’s a cult classic and a 1950s hit, and Australia is ready to invest millions to develop a remake of the hit movie “20,000 Leagues Under the Sea.” Putting up $22.6 million to create it, it will be Australia’s biggest Hollywood inducement ever, according to the Associated Press.

Industry giant Walt Disney Studios will film a new version of the science fiction classic in Australia. The country will pay the studio a total sum of 21.6 Australian Dollars ($22.6M) to film there, the government said Tuesday.

The chosen director for the task is David Fincher, who received an Academy Award nomination in 2008 for his film, "Curious Case of Benjamin Button" and in 2010, for "The Social Network." He was also the director of the film “The Girl With The Dragon Tattoo.”

According to Disney Asia-Pacific spokeswoman Alannah Hall-Smith, “No casting decisions have been made.” The filming schedule and locations for the film have not been set as well.

Sydney’s The Daily Telegraph newspaper reported Tuesday that the film’s producers maybe in talks with Brad Pitt, who starred in Fincher’s, “Fight Club.”

The newspaper reported that the selected director wants his former star for the film’s hero, Ned Land.

The story of the “20,000 Leagues Under The Sea “centers on Capt. Nemo and his submarine, the Nautilus. It was originally written by Jules Verne and was adapted into film in 1954, earning an Academy Award for Best Art Direction and Best Special Effects. Kirk Douglas, starred as Land and James Mason as Nemo.

The announcement came after “The Wolverine,” featuring Australian actor Hugh Jackman, recently finished filming in Sydney. The government paid Fox Studios 12.8 Australian Dollars to make the film in the country.

Australian Prime Minister Julia Gillard said that “The Wolverine” created more than 1,750 jobs, contracted more than 1,027 Australian companies and generated AU$80 million in investments to the country.

She expects that the “20,000 Leagues Under The Sea” production will create more than 2,000 jobs.

A strong Australian dollar buoyed by the mining boom has made Australia less attractive, in recent years, to Hollywood producers and filmmakers as a location to make a movie.

It wasn’t disclosed how much the Australian government’s payment would offset the film’s budget.

"The securing of this film is a huge coup for the Australian film industry and for the near 1,000 local businesses that will be providing goods and services for the film," according to a statement by Gillard.

“The Wolverine” in 3D opens this summer in the U.S., Australia and other countries.