The original show, which ran from 1974-1980, starred James Garner as an ex-con who solved crimes out of his mobile home in Malibu. After a recent attempt by NBC to reboot it with Dermot Mulroney in the lead fizzled (According to Vulture "The pilot [was] so bad that it seemed like a crime."), Holloway's name came up as a viable replacement.
It's not clear whether Vaughn's version of "The Rockford Files" would go the jokey, tongue-in-cheek route of other '70s-shows-turned-movies like "Starsky and Hutch," or strive to be a straightforward crime drama that happens to have a clever wisecracking lead, like the original series.
David Levien and Brian Koppelman have been hired to write the script and Vince and Victoria Vaughn will produce through their Universal-based Wild West Picture Show Productions banner.
You can read more about "The Rockford Files" reboot over on Deadline.