Elijah Wood's Producing Team Interested in Developing New Nightmare on Elm Street Movie

11/05/2019 08:37 am EST

The Nightmare on Elm Street franchise is dormant for now. The 2010 reboot failed to garner the kind of buzz needed to justify sequels. But plans for a reboot have been floating around for close to a decade. According to an interview with ComingSoon, Elijah Wood and Daniel Noah's production company SpectreVision would like a shot at bringing the franchise back to life. "It's a real dream project for us to have a chance to make a film in that franchise," Noah says. "And like I said, we have a very specific take on it. I think it would be very surprising and exciting to remake the franchise."

"Yeah, and it definitely has that aspect of pie in the sky, of getting to play in a certain sandbox, you know?: Wood says. "It's a universe and a character and an idea that would be a fun sandbox to play in. It's trying to do something different. With a lot of these classic horror films that have seen so many sequels, eventually it sort of plays itself out a little bit. It's also interesting to think about what could we do with a franchise like that which reinvents itself or creates something that is playing with the tone and key of the franchise, but is doing it differently or taking it in a slightly new direction. It's a fun way to think about those things."

Noah adds, "There's also an understandable aversion to stirring the pot too much with a formula that's been successful. John Carpenter's original conception of the Halloween franchise was that every year, there would be a new Halloween story. He never intended for like a Myers return, and when the studio kind of forced that as a sequel, he was able to finally come back around with Part 3. He said, 'No, I want to do my thing.' And he did Season of the Witch, which we think is an incredible Halloween film. Incredible. The fans were extremely confused and angry because they had established this expectation of Halloween is Michael Myers. I think it's understandable. You don't want to shake up a formula that's working. But on the flipside, when you're just repeating the same formula, it's kind of diminishing returns. They already did that well, is our point of view. That's been handled. What are other avenues, what are other neighborhoods in this world that can be used or investigated?"

Wes Craven wrote and directed the original A Nightmare on Elm Street. His estate now controls the rights to both the film franchise and its central character, Freddy Krueger. Robert Englund, the actor who brought Freddy to life, said in August that he may still have one more Freddy performance in him, though he encourages fans to get used to the idea of a new actor taking on the role in the future.

"I'm not Freddy anymore, you guys. I could do one more…probably," Englund said. "If you shot me up with vitamin C. But here's the thing: I can't do eight more, you guys. So we need a new actor that you guys believe in and trust and love that can go the distance."

Do you hope to see another Nightmare on Elm Street movie soon? Let us know in the comments.

Disclosure: ComicBook is owned by CBS Interactive, a division of Paramount. Sign up for Paramount+ by clicking here.