A sequel to Shakespeare in Love may be developed after The Weinstein Company and Miramax united for a new co-production deal, Digital Spy said.

The new "multi-year" deal will see work begin on a possible sequel to the 1998 Best Picture Oscar winner, as well as a Rounders sequel.

Miramax films Good Will Hunting, Flirting With Disaster and Swingers may also be developed into television series as part of the deal, which will see "library-derived and original development projects covering some of the most iconic titles in the Miramax library".

Miramax was founded by The Weinstein Company co-chairmen Bob and Harvey Weinstein, but they parted ways with the company in 2005.

"As some of the greatest independent filmmakers in history, Harvey and Bob built Miramax into one of the most recognisable and powerful brands in Hollywood.

"The iconic library they created has enabled us to capture the value of the digital distribution revolution and harvest revenue far greater than we ever imagined," said Thomas J. Barrack Jr., Chairman of the Board of Miramax.

"Reuniting Harvey and Bob with the acres of cinematic diamonds that is the Miramax library, and combining the two companies' powerful distribution capabilities, will create an unparalleled partnership in cinematic excellence," Barrack added.

The first co-productions are expected to begin in early to mid-2014.