The Oscar-winning actor, who played Allen Bauer in the 1984 movie opposite Daryl Hannah, admits he likes the idea of the new movie, and wouldn't mind if his character got the chance to have a gay romance with Tatum's merman.

"I am all in favour of it," he said. "Look, I think if they were really going to be bold, I would come back as Allen Bauer, and I would go off with Channing Tatum. That would be a bold movie. And I am suggesting it right now."

Director Ron Howard and producer Brian Grazer, who worked on the original movie are developing Tatum's idea.

"It's a bit of an experiment, so we are just going to have to see how the screenplay comes together... but it will be a lot of fun," Tom tells Access Hollywood.