We've already had Snakes on a Plane, so why not Sharks in a Mall? That's the premise for a new 3-D action adventure that was announced in Cannes this morning.

Highlander helmer Russell Mulcahy will write and direct the film, which has the most outlandish concept we've heard at the festival thus far.

According to The Hollywood Reporter, the film will be set in a coastal town where a freak tsunami floods and traps shoppers in a supermarket with an armed maniac and a pack of hungry tiger sharks that have been washed into the building.

Arclight Films and Limelight are producing, with Arclight's Gary Hamilton saying, "This will be a truly monstrous thriller and the first Australian feature in 3-D."

Bait is set to shoot on the Gold Coast later this year.