The remake follows an agreement between Spirit Music and Jim Henson Company, which sees the publisher taking on global administration for all the group's back catalogue, including Fraggle Rock.
Spirit will also co-publish all new martial for the next five years, through joint venture, Go Forth Publishing.
For the publisher, the agreement marks a move away from traditional sources of income towards establishing partnerships with large media companies in order to push its roster more effectively across film, TV, online and games.
As part of the deal, Spirit will also collaborate with Henson's London-based branding partner Ignition Licensing to find ways to promote the music from the programme and other classic Henson productions including Labyrinth, Dark Crystal and Farscape in merchandising.
Spirit managing director Mark Fried said the agreement means the publisher will become a key decision maker in the future musical direction of Henson's company because Spirit will be responsible for sourcing songs from its catalogue to appear in other Henson films such as Pinocchio.
"By working with them [Henson] right from the very start it means that we can make music an integral part of the film; as important and as emotionally effective as the filmmaking - helping the two to co-promote each other," Fried said.
Fried said the publisher was also busy talking with its offices in the UK and Europe to see if Henson's works can be exploited in territories outside of the US.
He added the publisher was keen to undertake other ventures of this kind with other film and media companies. "We want to create unique relationships internally with companies who have the power to promote and market music and artists, which would give us an inside opportunity to take advantage of those platforms," he said.