As in a "Reboot" much like "Batman Begins" or "Casino Royale", it should be a 2-part big screen new adaptation of Michael Ende's beloved fantasy book "The Neverending Story". I could see someone talented like Guillermo Del Toro ("Pan's Labyrinth", "Hellboy" and "Blade 2"), Peter Jackson or Alfonso Cauron ("Harry Potter and The Prisoner of Azkaban") to do this ideal 2 part big screen film.
They could be real faithful and accurate to the original novel which could please fans of the book, sure the original 1984 movie was a great movie in it's own right but wasn't really quite faithful. Yes the sequels aren't good especially the beyond bad third one, but i was thinking the series needs a fresh new start.
Ron Perlman would be perfect to play The Rock-Chewer, MGM with Universal and Dino De Laurentiis Productions would be the perfect studios to do it. Nick Nolte can be a good voice of either Falkor or The Gmork, afterall with the successes of "LOTR", "Harry Potter", "Narnia", "Pan's Labyrinth", "Spiderwick Chronicles", "Hellboy" and such other fantasy flicks of recent memory there could be a possiblity.