Everywhere you turn there are horror remakes and reboots being churned out like never before. Frankly, horror fans are over seeing movies they love, hate, or care nothing about, being redone. But it is hat it is and we have an update on another movie to add to the loooong list. Back in 2014 we reported that there was a reboot of 1997’s slasher I Know What You Did Last Summer in the works. After two years of no news, we finally have some.

During and interview this week with Shockwave Mike Flanagan, director of Oculus, Hush, and Before I Wake, explained where the film stands.

We wrote it for Sony. We turned in the script and they loved it. It’s going fine. They’re going to make it. I’m not directing it,” Flanagan to Shockwaves. “It’s a really neat take. It’s a whole new deal. We’re not interested in doing the same thing again with the eliminated teenagers and fisherman.” Flanagan added, “It would be a pretty big film,[with] a $15 – 20 (million dollar budget).

The original I Know What You Did Last Summer follows four high school friends who find themselves in serious danger one year after they hit a man and dumped his body in the sea. Each friend receives a letter on the anniversary of the accident, right before they are attacked. Jennifer Love Hewitt, Sarah Michelle Gellar, Ryan Phillippe and Freddie Prinze Jr. star in the film which spawned two sequels.

There is no word yet who will direct, who will star or when it might begin filming. As soon as we know more we will let you know.