The show will air on Challenge TV later this year and is being produced by Thames.
“Blockbusters is the ultimate cult TV quiz, and we think that Simon Mayo is the perfect host to bring it back to our screens,” commented Barbara Gibbon, director of Challenge TV.
“We hope that it will be popular not only with those of us who loved it the first time around but also with a brand new generation of fans. We might even bring back the hand-jive!”
Blockbusters first broadcast in the UK on ITV in 1983 hosted by the late Bob Holness, where it ran for eleven years.
Unlike the original version which featured students, the new run will be open to anyone over the age of 18.
Blockbusters has been revived twice before. In 1997 the BBC aired a series presented by Michael Aspel which, like the new Challenge TV version, featured adult contestants. In 2000 Sky One brought the series back with Liza Tarbuck as presenter.