Mark Burnett is turning Fantasy Island into a reality (series).

The Survivor producer has teamed up with Sony Pictures TV to develop a new reality competition series based on the late 1970s/early 1980s scripted ABC television series, Daily Variety reported Monday.

The new reality series will reportedly follow 12 contestants as they compete to become a real-life version of Mr. Roarke -- the overseer of Fantasy Island who made the dreams of island visitors come true and was originally played by actor Ricardo Montalban.

The contestants will be challenged with making others' dreams come true as guests arrive on a weekly basis, according to Variety, which added the guests will come on the series with "emotion-driven fantasies" ranging from a dream wedding or opportunity to reunite with a lost love.

"Fantasy Island has all of the elements of a hit series," Burnett told Variety.  "An exotic location, dream fulfillment, competition and, most of all, emotional storytelling."

Burnett and Sony -- who announced the show on Monday at the Mipcom international television conference in Cannes, France -- are currently in talks with several different resorts located around the world to find a setting for the series, Variety reported.

In addition, selection of a setting with depend on which tie-in deal can ultimately be struck, according to Variety.

The producers will begin shopping the Fantasy Island-based reality series immediately both domestically and internationally, Variety reported.

Burnett and Sony previously collaborated on Shark Tank, an American adaptation of the overseas Dragons' Den reality series that currently airs on ABC.