After more than 16 years of silence, A Nightmare on Elm Street is officially returning to the big screen. According to The Hollywood Reporter, Paramount Pictures has secured the U.S. rights to Wes Craven’s original A Nightmare on Elm Street screenplay, setting the stage for a brand-new chapter in one of horror’s most iconic franchises.

The project will be developed under Paramount’s horror label, Paramount Primal.

The U.S. rights have been licensed from the Craven Estate, with Wes Craven’s widow, Iya Labunka, and his son, Jonathan Craven, producing alongside entertainment attorney and producer Marc Toberoff. Paramount Primal’s J.D. Lifshitz and Raphael Margules will serve as executive producers.

“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 told The Hollywood Reporter. “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—as the next chapter of the Nightmare story unfolds.”

Lifshitz and Margules added, “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 bringing a terrifying new nightmare to audiences everywhere—and to welcome Freddy home.”

The franchise has remained dormant since the 2010 remake starring Jackie Earle Haley, largely due to years of complicated rights issues. With the Craven Estate now controlling the U.S. rights to the original screenplay, the long-awaited revival is finally moving forward.

While Paramount will oversee the U.S. release, New Line Cinema retains the international rights to the franchise.

Story details are being kept under wraps, but the film is reportedly set within the world of the original A Nightmare on Elm Street, drawing directly from Wes Craven’s screenplay.

The biggest question now is one every horror fan is asking: Will Robert Englund put on the glove one last time?

For now, we’ll just have to keep one eye open. Stay tuned to Gore Culture for more updates as they emerge.