Dimension Films and Robert Rodriguez (Machete, Nerveracker)are rebooting the Spy Kids franchise. The original starred Alexa Vega (The Mine) and Daryl Sabara (Machete) as the kids of Antonio Banderas (The Big Bang, Puss In Boots) and Carla Gugino (Faster, Sucker Punch), their superspy parents.

THR reports that the film will be called Spy Kids 4: All the Time in the World. Banderas, Vega and Sabara are expected to return in supporting roles. The new movie will center on a retired spy (Jessica Alba) who has been been reactivated. She is the mother of a baby and two preteen stepchildren. The actors cast in the preteen roles will be the new Spy Kids. This film will be the third time Alba has worked with Rodriguez. Their earlier film projects were 2005’s Sin City and the recent action flick, Machete starring Danny Trejo (Vengeance).

The other roles they are currently casting are Jessica Alba’s husband, a slightly nerdy investigative reporter, and the villain, known as the Time Keeper, whose goal it is to stop time.

Spy Kids 4: All the Time in the World, which was once known as Spy Kids 4: Armageddon is slated to hit theaters on August 19th, 2011.