The green, banana-seat bike was one of the Krate series models from the 1960s. It will retail for $349 in the US.
Only a few thousand will be produced.
"The resurgence of interest in the classic Sting-Rays has been a pleasant surprise," said Byron Smith, Schwinn's President and Chief Operating Officer.
"The new, chopper-style Schwinn Sting-Ray has become the fastest-selling bicycle model of all time, and this excitement has generated renewed interest in Schwinn's original, classic Sting-Rays."
Two other models of classic Schwinn Sting-Rays were offered earlier in 2004, the Coppertone Sting-Ray and the Grey Ghost. The Coppertone is a replica of the earliest Sting-Ray model, and the rare Grey Ghost is based on the 1971 Krate Series model of the same name that featured Silver Mist paint. Each reissued model quickly sold out.
The original Sting-Ray was first introduced in 1963 during the muscle-car craze and remained on the market until 1982.