Greed is good — the man who uttered one of the defining catchphrases of the 1980s is back.

Bermuda resident Michael Douglas is to reprise his role as Gordon Gekko, the ruthless corporate raider of 'Wall Street'.

The 1987 movie, which earned Mr. Douglas an Oscar and Golden Globe, was for many the film that defined the greed and consumer excess of the 1980s.

Gekko was the cult suspender-wearing anti-hero whose philosophy included "Lunch is for wimps" and "Greed, for lack of a better word, is good. Greed is right. Greed works. Greed clarifies, cuts through, and captures the essence of the evolutionary spirit."

Now he is back on the prowl 20 years on in the sequel 'Money Never Sleeps'.

Edward Pressman, the producer of 'Wall Street', confirmed at the weekend that he has signed up with 20th Century Fox to produce the film.

He told The New York Times that the plot will follow Gekko's release from prison after being shopped by his protege Bud Fox. The machiavellian manipulator returns to his underhand dealings, this time in the world of hedge-fund finance.

Mr. Douglas told The New York Times: "I don't think he is much changed. He's just had more time to think about what to do."

He added that he would not mind if he never had "one more drunken Wall Street broker come up to me and say, 'You're the man!'".

The plot of 'Wall Street' focused on the moral dilemmas of a young ambitious stockbroker, Bud Fox, played by Charlie Sheen, in early 1980s New York.

Taken under the wing of corrupt broker Gordon Gekko, Fox soon finds himself caught up in a world of shady business deals, fast money, fast women and even faster cars. It all places him at odds with his blue-collar upbringing and his father Carl, played by Martin Sheen, culminating in a crisis of conscience.

Mr. Pressman and new writer Stephen Schiff (True Crime) reportedly tried to get original director Oliver Stone on board, but without success. The character of Bud Fox is also not expected to return.

Mr. Schiff expects to complete his script later this year.