Merrick here...

When NBC's new KNIGHT RIDER project was announced, one of the first things everybody asked was "Will Hasselhoff have anything to do with it?". And, as alluded to in previous posts, his Michael Knight character does make an appearance in the project's script.

However, until now, we'd head nothing about whether The Hoff would actually sign on. He'd been trying to resurrect the franchise for years, and may not necessarily have been predisposed towards jumping onto someone else's boat.

Now comes word that The Hoff is, indeed, in negotiations to appear in the new project...a sequel concept that will center on Michael Knight's son.

Deanna Russo has also joined the cast. She plays Logan Armstrong on THE YOUNG AND THE RESTLESS and also appeared in REST STOP. I haven't seen her work so I can't comment, although she's pretty cute.

The KNIGHT RIDER project, and Russo's role, is described thusly:

a sequel to the 1980s series that centers on Mike Tracer (Bruening), Michael Knight's son who never knew his dad.

Burned by his love for childhood best friend and one-time girlfriend Sarah Kamen (Russo), Mike is wasting away in Las Vegas when Sarah reappears and is willing to pay off Mike's gambling debt in exchange for help.

Sarah is the brilliant estranged daughter of KITT inventor Charles Kamen, who works as an assistant professor in the engineering department at Stanford. When she receives word from talking-car KITT (Knight Industries Three Thousand) that her father is missing, she and KITT set out to find and recruit Mike.

...says THIS ARTICLE in Hollywood Reporter.

All of this matches perfectly with my previously posted script review of the TV movie/backdoor pilot.