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As Wall Street continues to capture headlines due to market volatility, 20th Century Fox is moving forward with a "Wall Street" sequel.

Allan Loeb ("21") has been tapped to pen the screenplay, which is being fast-tracked by the studio as a Michael Douglas starrer, though the actor is not formally attached.

The modern-day story will again center on Gordon Gekko, who has recently been sprung from prison and re-emerges into a much more tumultuous financial world than the one he once lorded over. The Bud Fox character, played by Charlie Sheen in the original, will not appear in the latest incarnation.

Edward R. Pressman, who produced the 1987 Oliver Stone-helmed film, is aboard to produce.

Loeb, whose credits also include DreamWorks' "Things We Lost in the Fire," is a licensed stockbroker who once worked at the Chicago Board of Trade. He is involved in a number of projects around town, including "Baster" at Columbia Pictures and a remake of French comedy "The Valet" at Paramount.