Paramount would sure like to think so.
According to the Hollywood Reporter, Par is said to be in "early development" on a new version of the 30 year old story. No writers have been tapped yet, so dont expect many details at this time.
Doing a reboot of "Meatballs" makes perfect sense. With the surprise success of "The Hangover" still bringing in solid numbers at the box office, Paramount is assuming that audiences are clammoring to see even more potty humor. And since all those teens that snuck into theaters in 1979 are now middle-aged and trying to find that spark of excitement they had when they were kids, the nostalgia aspect of the story might help to put more asses into the seats as well.
Directed by Ivan Reitman, the original story is about a sad-sack loser of a kid that reluctantly goes to summer camp and meets up with a wacky camp counselor (played by Bill Murray) who helps him build his self-confidence.
Here's a snippet from the original Variety review from 79:
Scripters have managed to gloss over the stereotypes and come up with aI love how this review is written by someone that desperately wants you to know they went to film school (or at least hung out with the guys that did). However its too early to tell if the reboot is going to have any of the charm that the original film did. Dont hold your breath.
smooth-running narrative that makes the camp hijinks part of an overall human
mosaic. No one is unduly belittled or mocked, and Meatballs is without the usual
grossness and cynicism of many contempo comedy pix.
Here's the original trailer. God that music makes me want to scream: