This is a remake of the film, and not a film version of the stage musical adaption based on the original film. Nor is it a sequel to the original film, nor a sequel to the stage musical which is based on the original film. Nor is it a prequel to any of the aforementioned film or staged versions of Fame. Nor is it a pre-sequel to anything Fame-related, be it theatrical or cinematic.
It's just a remake.
It will keep some of the songs from the original, and add new ones. Cast includes Debbie Allen (as the school's principal, who was also in the original movie), Charles S. Dutton (as an acting teacher), Kelsey Grammer (as an orchestra maestro), Megan Mullally (as a voice teacher) and Bebe Neuwirth (as a dance instructor).