Aired from 1977 to 1983, the NBC series "CHiPs" created by Rick Rosner featured two cops wearing tight khaki uniforms armed with motorcycles while patrolling the highways of California.
Shepard will also star in the "CHiPs" film version as Officer Jon Baker, originally played by Larry Wilcox, opposite Michael Peña as Frank "Ponch" Poncherello, originally played by Erik Estrada.
A professional race car and motorcycle driver, Shepard is expected to perform his own riding and stunts in the "CHiPs" film, which will be produced by Andrew Panay along with Shepard's Primate Pictures.
This is not the first time Warner Bros considered turning the NBC series into a film.
Years ago, "That '70s Show" star Wilmer Valderrama was considered to play Ponch after meeting with Warner Bros Creative Development and Worldwide Production President Greg Silverman but the project was cancelled.
Meanwhile, Peña also stars in the upcoming Columbia Pictures World War II film "Fury" opposite Brad Pitt, Shia LaBeouf, Logan Lerman, Jon Bernthal and Jason Isaacs among others.
"The set was crazy and chaotic. (It was) really, really cold (during filming). Everybody was really, really dedicated. It was a great shoot. I loved it," Peña told E! News at the HFPA Grants Banquet about filming "Fury," in which he plays an American soldier.
"We were all insane people filming that," Peña added referring to the battle scenes amid tanks and exploding bombs on the set of "Fury."
Directed by David Ayer, "Fury" is set to be released on Oct. 17, First Showing reported.
On the other hand, Shepard is set to play a supporting role in the upcoming film "The Judge," which stars Robert Downey Jr., Robert Duvall and Vera Farmiga.
In 2012, Shepard wrote, co-directed with David Palmer, and starred in the action comedy film "Hit And Run," which starred his wife Kristen Bell, who was then his girlfriend, Tom Arnold, Kristin Chenoweth, Michael Rosenbaum and Jess Rowland among others.
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