The Sydney Morning Herald reports a deal was finalised between Renegade Films and Ukraine-based studio Star Media Group, at Mipcom in Cannes this week.
It follows on from the US adaptation starring Jason Gann and Elijah Wood for FX.
The deal is “a great tribute to the original creators of the show, Adam Zwar and Jason Gann, as well Tony Rogers and Jen Livingston, who directed and produced the original”, Renegade’s Joe Connor said.
“We haven’t done out homework yet but this could be an Australian first,” Connor said. “Production is under way with the ink barely dry on the contract.”
When the series first aired on SBS, it came under fire from sections of the media for using government funding for a rude, bong-smoking dog.
But it has already broken records for an Aussie show to win the most seasons in the US -now approaching 4.
Preliminary filming on the Russian version has already begun.