A cosplayer dressed as Freddy Krueger from ‘A Nightmare on Elm Street’ during the first day of Comic Con at Javits Center on Oct. 7, 2021, in New York City. (Roy Rochlin/Getty Images)

Get ready for another Nightmare on Elm Street.

Paramount Pictures has closed a deal for the U.S. rights to adapt the original screenplay for A Nightmare on Elm Street, ABC Audio has learned.

The U.S. rights are being licensed from the Wes Craven estate, which includes Iya Labunka and Jonathan Craven.

This deal marks the first project for Paramount Primal, a new genre label at the company set to be led by J.D. Lifshitz and Raphael Margules.

The currently untitled film is in priority development at the label. While plot details have not been revealed, the movie will be set in the world of A Nightmare on Elm Street and will be based on the original film’s screenplay.

Labunka, Jonathan Craven and Marc Toberoff will produce while Lifshitz and Margules will executive produce for Paramount Primal.

“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. “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 theatre — around the campfire of today — as the next chapter of the Nightmare story unfolds.”

In a statement, Lifshitz and Margules said, “We can’t remember a time before we were fans of Wes Craven. The fact that Iya and Jonathan have entrusted us with this opportunity to help usher a new story into this world is an honor beyond words. We look forward to working alongside them to bring a terrifying new nightmare to audiences everywhere—and to welcome Freddy home.”