Harvey and Bob Weinstein are looking to improve their chances of getting back the film studio they named for their parents 31 years ago.

The Weinstein Co. is eyeing a second opportunity to make a bid on Disney's Miramax studio, according to sources with knowledge of the bidding process. The company is rumored to be preparing a bid that is higher than its last offer for the famous film firm. "They'll be back with a revised bid," said one source familiar with talks.

The Weinstein's last bid, in partnership with Ron Burkle's Yucaipa Cos., was $625 million but that later dropped to the $500 million range after investors conducted due diligence on the library and decided to drop the bid.

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