The 68-year-old actor starred as crime-fighter Michael Knight in the TV action series between 1982 and 1986.
Speaking to Consequence of Sound, the star revealed that he is invested in the upcoming movie - despite not knowing if he will have a role in the flick.
He said, "The details I can share are I have an emotional hand in it and I have a passion."
"The guy who's writing it is a major 'Knight Rider' fan. He sent me a picture of him in the 'Knight Rider' car. His name is T.J. Fixman."
Hasselhoff continued, "The concept, I don't really know. I threw my hat into the ring as 'nostalgia meets Knight Rider of today', which is not a new 'Knight Rider', but a continuation of it."
"They want to do a script that has my approval on it. Whether I'm in it or not, or whether I approve of it, the answer is: I don't know."
The "Baywatch" star had been hoping to bring "Knight Rider" – which follows the adventures of Michael Knight and his assistant KITT, an almost indestructible talking car – to the big screen for several years and is keen that this adaptation remains faithful to the TV series.
"I had the rights for about 10 years to 'Knight Rider', and I couldn't get a bite. And these guys have it now because of the timing, because of the resurgence of nostalgia, because the guy who's doing it gets it," he explained.
"It's not about a talking car. It's about the relationship between Michael and KITT. And it's also about the action and 'one man can make a difference'. And if they do that, I'll probably support it. If they don't do that, they've hassled The Hoff."