Currently the game is being crowd funded via IndieGoGo, where the developer, Big Deez Productions, is hoping to raise $450,000. This isn't a lot of money for a game, so chances are it's more of an interest gauging campaign, to see if people would actually buy it. If so, expect Shaq and other investors to come on board.
The new game is a 2.5D beat 'em up, with contemporary visuals, in a big, cartoony style, with RPG unlocks, combo upgrades, cooperative play and a lot of enemies for you to punch and kick your way through. Presumably the fighting style will be Kung-Fu based, though Shaq has trained MMA in the past, so there may be some other styles present in his repertoire.
Incentives for those that want to kick in to the game's early development, can get themselves simple things like a copy of the game, beta access, special backer DLC and Tshirts, but if you go right up to the high end, dropping thousands on the game, you can hang out with Shaq yourself, play some basketball with him, go to dinner and hang out at his house.
While the game may be rebooting simply off of the fact that the original was so bad, it's raised nearly 10 per cent of its goal in just a few hours, so it may well break that $450k barrier.