The comedy-drama and golden cinema was based on author Deborah Moggach’s novel These Foolish Things, and starred Dame Judi Dench, Tom Wilkinson, Dame Maggie Smith and Bill Nighy as recently retired Brits who move to a newly-restored hotel in India.

The film remained in development for years before Parker and Madden worked together to bring the film to the screen. Despite lukewarm critical reviews, it proved to be a stunning success at the box office, making $130 million worldwide from a budget of $10 million.

Screenwriter Ol Parker will deliver a script to Fox in the next couple of months, according to Vulture. Cast members Dame Judi Dench, Bill Nighy and Dame Maggie Smith are reportedly willing to reprise their roles for the second film but it is not known whether John Madden will be invited back to direct the sequel.

Dench can be seen reprising her role as agent M in the new James Bond film Skyfall while Smith returns to the big screen in January 2013 alongside stars Billy Connolly and Sheridan Smith in Dustin Hoffman’s directorial debut Quartet.