First look at mysterious Crocodile Dundee revival project

A mysterious revival of iconic Australian film franchise Crocodile Dundee has been revealed — with Paul Hogan putting his stamp of approval on the "new generation" instalment.

The reboot was confirmed overnight with the release of a surprise promotional video for the project called Dundee: The Son of a Legend Returns Home. The franchise's original star Hogan confirmed the project to People, saying it would hit screens by midyear, reports news.com.au.

While the clip doesn't give too much away about the upcoming film, it does show US comedian Danny McBride starring as Mick Dundee's son. In the preview, McBride — dressed in a leather vest and cowboy hat — stands on a clifftop before turning to the camera.

"G'day, losers," he says in an American accent.

He goes on to recreate one of the original film's iconic lines. "That's not a knife — that's a knife," he says.

Talking about the franchise and the upcoming project, Paul Hogan told People the films were a "defining moment" in his life and one of his "proudest accomplishments".

"Throughout the past few years, I've been thinking about how to bring Dundee to a new generation," he told the publication. "I'm excited to introduce the new Crocodile Dundee to the world and look forward to sharing more news about those involved very soon."

Crocodile Dundee premiered in Sydney on April 30, 1986 — instantly putting the Australian outback on the map and making Hogan a household name around the world.

The brainchild of star Hogan and producer John Cornell, the $8.6 million film went on to become one of the most successful in Australian history, finishing second only to Top Gun at the US box office that year.

People reports Dundee: The Son of a Legend Returns Home will hit screens my midyear.