Paramount Primal has acquired the U.S. rights to develop a reboot of A Nightmare on Elm Street, reviving Wes Craven’s iconic 1984 horror classic for a new generation of audiences.

According to The Hollywood Reporter, the project will be produced by Craven’s widow, Iya Labunka, and his son, Jonathan Craven, alongside attorney Marc Toberoff, who played a key role in helping the Craven family regain the rights to the original film.

Producers J.D. Lifshitz and Raphael Margules will also serve as co-producers on the reboot.

Paramount Primal, the studio’s horror-focused label, recently launched to expand its presence in the genre, and the A Nightmare on Elm Street revival marks one of its highest-profile projects to date.

The studio has not revealed plot details, casting information or a release date. However, the announcement has already generated excitement among horror fans eager to see the return of Freddy Krueger, the burned, razor-gloved killer who stalks victims in their dreams.

In a statement, Labunka said she and Jonathan Craven were “so excited” to partner with Paramount Primal and the producing team to continue Wes Craven’s legacy.

“We look forward to bringing the world of Wes Craven’s Nightmare on Elm Street to a new and completely engaged generation of fans,” she said.

Labunka added that Craven would have been delighted to see horror receiving greater cultural recognition.

“We know that Wes would have been thrilled to see how horror is taking its long overdue place in the cultural canon,” she said. “We can’t wait for all of us to sit together in a dark theatre — around the campfire of today — as the next chapter of the Nightmare story unfolds.”

Released in 1984, A Nightmare on Elm Street became one of the most influential horror films ever made, launching a long-running franchise and establishing Freddy Krueger as one of cinema’s most recognisable horror villains.