Mark Victor is producing via his Mark Victor Production.

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Outer Limits was an influential anthology sci-fi and horror show that ran on ABC from 1963 to 1965. Like The Twilight Zone, the other famous anthology series from that era, the show had a well-known opening with a narrator telling viewers, "There is nothing wrong with your television set. Do not attempt to adjust the picture. We are controlling transmission. … "

Joseph Stefano, Robert Towne and Harlan Ellison were among the writers who penned scripts for the show, which enjoyed a revival in the late 1990s on Showtime and the Sci-Fi Channel.

Derrickson is a longtime fan of the show (he has said in the past he prefers it over Twilight Zone), and he and Cargill will focus on one episode in particular: "Demon With a Glass Hand," which was written by Ellison.

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The duo will be tackling time travel, alien invasion and genetic manipulation in adapting the episode, which focused on a man with no memory beyond the last 10 days of his life and a computerized hand who discovers he is from the future. The man is being hunted by an alien race who see him as key to their survival, but he soon discovers a more complex and terrifying truth.

MGM's Motion Picture Group president Jonathan Glickman and executive vp production Adam Rosenberg will oversee the project for the studio.

Derrickson will work on the script while he preps Doctor Strange for Marvel. The latter project just welcomed writer Jon Spaihts to pen its script.

Derrickson co-wrote and directed the upcoming Screen Gems supernatural thriller Deliver Us From Evil, which opens July 2 and stars Eric Bana, Edgar Ramirez and Olivia Munn.

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He also wrote, along with Cargill, Sinister 2, the sequel to the hit 2012 horror movie that was one of the most profitable movies the year it was released. While he directed Sinister, he is not tackling those duties for Sinister 2, which is in preproduction, but will join the ranks of producers, along with Jason Blum.

Derrickson and Cargill are repped by WME, Brillstein Entertainment Partners and attorneys P.J. Shapiro and Matt Johnson.

Email: Borys.Kit@thr.com

Twitter: @borys_kit