Under a deal that is awaiting city approval, the famous landmark would open a new 986-seat theater by September.
If approved, the movie house will shut down for several months this summer for renovations including installing new stadium seating and a new sound system.
Officials said the renovations will not affect the landmark's famous forecourt area. The site's iconic sidewalk filled with nearly 200 cement footprints, handprints and autographs of celebrities will reportedly remain open.
