Malcolm McDowell will star in this version.

It will be a Saturday "original movie," a popular feature of Syfy that draws typically 2 million viewers or more. The film titles have ranged from the depths of B-Moviedom (like "Sharktopus") to those similar to other movie fans are familiar with ("Almighty Thor," "Battle of Los Angeles").
Using the original story of a project to cloak a warship during World War II (widely believed to be a hoax) as a starting block, this film moves into the 21st century where the military tries to duplicate the original test. However, the test has deadly results -- especially when it brings the ship from the 1943 experiment, the USS Eldridge, to the present.
Although there isn't much story connection to the original film, there is physical connection. Michael Pare, who starred in the 1984 film, returns to take a role in the Syfy movie. Pare will play the bad guy in this film, Hagan, while McDowell will be the scientist who ran the original experiment, hiding from the government.
Production on the film began this week in Vancouver, and is being set for a 2012 release.