The original Bodyguard was one of the highest grossing films of the 1990s, and its soundtrack, featuring Houston singing the Dolly Parton song I Will Always Love You, became the bestselling soundtrack of all time, moving more than 42 million copies.
Costner himself had insisted Houston sing the track, overruling producers who wanted a more upbeat number.
Delivering the eulogy at Houston’s funeral in February, Costner spoke movingly how he had helped the young singer, in her first movie role, overcome her nerves.
The Bodyguard was originally written by Lawrence Kasdan as a vehicle for Steve McQueen and Diana Ross in the 1970s, but never made it to the big screen before being revived by Costner.
Last year, Warner Brothers was reported to be planning a new sequel, featuring an Iraq war veteran bodyguard struggling to protect his
client from a stalker in the age of Twitter and other social media.
The stars of the new film have yet to be announced.