A reboot of the 1994 Arnold Schwarzenegger action film True Lies is currently being developed at FOX.
McG, who directed Charlie's Angels and Terminator Salvation, will direct the pilot, and Guggenheim, who developed Arrow and Legends of Tomorrow, will write the script.
Jon Landau, Rae Sanchini and Mary Viola will also serve as executive producers on the reboot.
A True Lies reboot has been in development from McG and 20th Century Fox TV since the previous TV season. McG has previously worked on Fox's Lethal Weapon reboot and The O.C.
True Lies earned $378.9 million upon its original release, but never received a sequel.
No word on if Schwarznegger or co-star Jamie Lee Curtis will want any involvement in the reboot series.
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