Los Angeles: Paramount Pictures is developing a new film set in the world of the horror classic ‘A Nightmare on Elm Street’, marking the return of the iconic slasher Freddy Krueger.
According to Variety, the Hollywood banner has acquired the US rights to adapt the original screenplay of the 1984 horror film from the estate of filmmaker Wes Craven.
The untitled project is being developed under Paramount Primal, the studio's newly launched genre label.
Though plot details have been kept under wraps, the film is said to be based on the original ‘A Nightmare on Elm Street’ and revisit the world of Freddy Krueger, the disfigured serial killer who stalks his victims in their dreams.
Craven's widow Iya Labunka and son Jonathan Craven will produce the film alongside Marc Toberoff, who represented the filmmaker's family in regaining ownership rights to the original film.
"Jonathan and I are so excited to be partnering with J.D. and Rafi along with the terrific team they've assembled at Paramount Primal. We look forward to bringing the world of Wes Craven's 'Nightmare on Elm Street' to a new and completely engaged generation of fans," Labunka said in a statement.
"We know that Wes would have been thrilled to see how horror is taking its long overdue place in the cultural canon. We can't wait for all of us to sit together in a dark theater... as the next chapter of the 'Nightmare' story unfolds," she added.
Created by Craven, Freddy Krueger first appeared in ‘A Nightmare on Elm Street’ in 1984.
The franchise has since spawned nine films, a television series and several video games. The most recent film, a 2010 reboot, grossed over $117 million worldwide.
While Paramount has secured US rights to the new project, New Line Cinema retains the international rights to the franchise.