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Last month, the New Zealand-born Hollywood film-maker visited Larnach Castle, Wedderburn and Glenorchy, and was also pictured in Dunedin with former Flight of The Concords star Jemaine Clement.
Game of Thrones star Peter Dinklage is also reported to have been offered the lead role in the series, which is expected to begin production in August before wrapping in early 2023.
Enterprise Dunedin economic development manager Fraser Liggett said Film Otago Southland was delighted to support the recent film scouting in Dunedin, but he could not comment further.
Waititi’s agent Gail Cowan Management Ltd also declined to comment.
Monarch talent agency owner Tracie Patel, of Queenstown, said she had also heard the rumours, but had not heard any official information about it yet.
‘‘I’m hoping that the rumours are true.’’
Time Bandits centres on a young boy who discovers a time-travelling portal in his bedroom.
The original film starred Sean Connery, John Cleese, Shelley Duvall, Michael Palin, and Peter Vaughn.
It followed a young history buff named Kevin (Craig Warnock), who got the shock of his life when six dwarves emerged from his closet and took him with them on their quest to different historical eras to steal treasure.
Kevin and the dwarves visited the likes of Napoleon, Robin Hood and King Agamemnon while being chased by the Supreme Being.