Michael Douglas will reprise his role as ruthless corporate raider Gordon Gekko in a sequel to Wall Street, according to a studio spokesman. (Seth Wenig/Associated Press)

The long-simmering Wall Street sequel got a boost on Tuesday, with 20th Century Fox confirming that both Michael Douglas and Oliver Stone will return for the project.

Studio spokesman Gregg Brilliant said that Douglas will reprise his role as the corrupt and predatory stockbroker kingpin Gordon Gekko, who ends the 1987 original film headed for jail. Douglas won a best actor Oscar for his portrayal.

Stone, who co-wrote and directed Wall Street, has reversed his previous stance and agreed to direct the as-yet-untitled sequel, which Brilliant noted would be timely given the current global economic troubles.

The sequel's plot is expected to follow Gekko after his release from prison and reflect the recent woes of the real Wall Street. According to various media reports, actor Shia LaBeouf is in talks to play a young trader in the new film, in an update of the role Charlie Sheen portrayed in the original.

Rumours of a sequel emerged most recently in 2007, with Fox moving ahead last fall and hiring a former stockbroker-turned-screenwriter to write the script, under the working title Money Never Sleeps.

Ed Pressman, who produced the original film, is also participating in the sequel project.

Though initially considered just a moderate box office success upon released, Wall Street had developed a large following over the years, in part due to devoted fans in the world of finance. Douglas's aggressive Gekko character is both reviled and revered as a corporate shark and for his memorable lines, including his famous "greed is good" speech.