By Oculus director Mike Flanagan has been hired to helm the new version of the 1997 teen horror film, according to Deadline.
Producer Neal Moritz will return for the update, while Flanagan will co-write with Jeff Howard.
While reports state that Flanagan will direct the film, he has said that he has only signed up to write the project.
Happy to be writing a new "I Know What You Did Last Summer." (I'm NOT, however, directing or producing... Not sure where that came from)
— Mike Flanagan (@flanaganfilm) September 15, 2014
Jennifer Love Hewitt, Sarah Michelle Gellar, Ryan Phillippe and Freddie Prinze Jr starred in the original film, which followed four friends being stalked by a killer a year after they covered up a road accident.
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The film was based on the 1973 novel of the same name by Lois Duncan, and spawned the 1998 sequel I Still Know What You Did Last Summer.
Watch a trailer for the original film below:
