Guillermo del Toro is set to direct The Mountains of Madness.
The director – who left work on The Hobbit following continued problems with financing the picture – will work on the project alongside Avatar filmmaker James Cameron, who will produce, Deadline.com reports.
The movie is an adaptation of the tale by HP Lovecraft, which tells the story of a discovery made by explorers in Antarctica in the 1930s.
Those exploring the frozen land find that man came from the elder Gods of another planet, and terrible things become those who awake the life forms buried underneath the snow, neither plant nor animal.
Although this has long been Del Toro's dream project, he had difficulty convincing investors of the need to make it R-rated, period, and with a huge budget. All of these factors are high-risk, and have not yet been elaborated on in the press.
The project will be shot in 3D, and is expected to begin filming next summer. Attached actors have yet to be announced.
Since leaving The Hobbit, Del Toro has had more time on his hands to work on other projects, recently completing production roles on both Julia's Eyes and Don't Be Afraid of the Dark. He is also directing The Haunted Mansion, based on the Disneyland attraction.
Although he is not directing The Hobbit, he is still attached to the movie as a writer.