Ricardo Montalbán

Welcome to Fantasy Island — the reality version.

Mark Burnett and Sony are teaming up to turn the classic series into a reality show, in which contestants will compete to become a real-life Mr. or Ms. Roarke, Variety reports.

The ABC original, which aired from 1978 to '84, featured Mr. Roarke — played by the late Ricardo Montalban — in his iconic white suit, who welcomed guests to his private island and made their dreams come true with the help of his sidekick Tattoo (Hervé Villechaize).

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On the new series, 12 contestants will greet guests to a tropical island on a weekly basis and try to turn their guests' fantasies into reality. The guests will judge the wannabe Roarkes and one contestant will be eliminated each week.

Survivor creator Burnett, whose credits include The Apprentice, and Sony do not have a U.S. TV deal in place yet, but will be shopping the series around domestically and internationally.