The writers from Harold and Kumar Go to White Castle, Jon Hurwitz and Hayden Schlossberg, are set to write the script and according to the Times at least some of the original cast are interested in appearing, although it's too early in development to really say anything.  That being said I guarantee Eugene Levy is going to be in this movie.   He has been in all three theatrical releases and all four of the direct to dvd abortions.  The man will do anything for a paycheque. 

American Pie came out in 1999 and grossed more than $200 million worldwide.  It was a trail blazer in the R-rated comedy scene but I don't know how well it can stand up against the quality comedy being produced now.  Universal apparently thinks this is a great idea, but they also are making a Stretch Armstrong movie so their intelligence is suspect.