The Hangover star will play moronic Detective Frank Drebin in the new film, which will be written by Reno 911 stars Thomas Lennon and Robert Ben Garant, according to Variety.com.
The cop comedy was Nielsen's biggest hit, which also starred Priscilla Presley, George Kennedy and O.J. Simpson.
The film pulled in more than $217 million at the box office over three films in 1988, 1991 and 1994.
Nielsen passed away in 2010, aged 84.
The former Olympic gold medallist, who announced his split from Kris Jenner after 22 years of marriage in October, met with a plastic surgeon in Beverly Hills on Thursday for a consultation about a procedure called a Laryngeal Shave, which would smooth out the lump in his neck.
The 'Keeping Up with the Kardashians' star told gossip website TMZ.com that he hasn't decided whether he will undergo the surgery, which is typically done on patients who are in the first stage of gender reassignment.
The 64-year-old reality TV star also in...