Guillermo Del Toro is to direct At The Mountains Of Madness - in 3D.
The acclaimed filmmaker, who was previously attached to direct The Hobbit, will head up the adaptation of the HP Lovecraft tale alongside James Cameron, who will come on board as producer.
Deadline reported the project has been green-lit by Universal, although Guillermo has yet to confirm the news himself.
Horror writer HP Lovecraft penned At The Mountains Of Madness in the 30s, and the Hellboy director wrote a screenplay but originally had difficulties getting it off the ground.
He previously said: "The studio (Warner Bros) is very nervous about the cost and it not having a love story or a happy ending, but it's impossible to do either in the Lovecraft universe."
The film will begin pre-production in the next few weeks, and will shoot next summer.