August 03, 2018 at 07:15 PM EDT

You take the good, you take the bad … hopefully, this reboot news is the former.

A Facts of Life reboot is in early stages of development at Sony Pictures TV, EW has learned.

As first reported by Deadline, Leonardo DiCaprio’s Appian Way and Jessica Biel’s Iron Ocean Films are also in negotiations to produce the project. This would be Appian Way’s first scripted drama, while Biel’s Iron Ocean Films produces the critically acclaimed The Sinner on USA, in which she acted as both producer and star in the first season.

Sony had no comment; reps for DiCaprio and Biel did not immediately reply to EW’s inquiries.

REX/Shutterstock; Jason LaVeris/FilmMagic

The Diff’rent Strokes spin-off is just one in a slew of recent reboots that includes Roseanne (now The Conners), Will & Grace, and the much-anticipated Murphy Brown among others.

RELATED: PaleyFest’s closing night reunites The Facts of Life cast

One of the longest-running sitcoms of the time, Facts of Life ran on NBC for nine years, from 1979-88, and followed Edna Garrett (Charlotte Rae), the former housekeeper of Diff’rent Strokes‘ Drummond family, as she becomes a housemother at Eastland School, an all-girls boarding school in upstate New York. The show focused on the lives of the seven girls Garrett looked over, with every episode focusing on a new moral lesson. She eventually left the school to open her own business. The hit show garnered critical acclaim, and was nominated for three Emmys during its run.

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George Clooney, Helen Hunt, David Spade, Juliette Lewis, Seth Green, and Big Bang Theory‘s Mayim Bialik all appeared on the show, which starred Lisa Welchel (Blair), Kim Fields (Tootie), Mindy Cohn (Natalie), and Nancy McKeon (Jo), among others.

Facts of Life will act as Sony Pictures TV’s second reboot, the first being One Day At a Time which will soon air its third season on Netflix.

—With reporting by Nick Romano

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