Variety reports that Michael Bay's Platinum Dunes production company will oversee a new reimagining of horror icon Freddy Krueger, where the iconic horror figure will be relaunched in a new series of terror flicks. This comes just months before Platinum will begin production on a new "Friday the 13th" film with another horror icon, Jason Vorhees, in another revival of an '80s horror series.

Robert Englund played Freddy Krueger in the original 1984 "A Nightmare on Elm St." film, as well as the subsequent sequels. The character is best known for killing teenagers as they dream about him in their sleep.

No screenwriters are attached to the new "Nightmare" project due to the writers' strike.