Paramount Pictures is developing a new film based on the iconic horror franchise ‘A Nightmare on Elm Street’, bringing the legendary slasher character Freddy Krueger back to audiences.

According to a PTI report, the studio has acquired the US rights to adapt the original screenplay of the 1984 horror classic from the estate of filmmaker Wes Craven, who created the franchise.

The acquisition marks the beginning of a new chapter for one of Hollywood’s most popular horror series.The upcoming film is currently untitled and will be produced under Paramount Primal, the studio’s recently launched label dedicated to horror, thriller and other genre films.

The project is still in the early stages of development.Released in 1984, ‘A Nightmare on Elm Street’ became a landmark horror film and introduced Freddy Krueger, the terrifying villain who attacks his victims in their dreams.

The franchise went on to spawn multiple sequels, a crossover film, television adaptations and a 2010 remake, becoming one of the most successful horror franchises in cinema.

Paramount has not yet announced the film’s director, cast, production schedule or release date. More details are expected to be revealed in the coming months.