New Line Cinema is in final negotiations with filmmaker Don Coscarelli to bring the cult horror film "Phantasm" back to the big screen says The Hollywood Reporter.

The first "Phantasm," which Coscarelli wrote and directed, was released in 1979. It told the story of a young boy named Mike and his friends, who face off against a mysterious grave robber known as the Tall Man and his killer flying spheres. The film spawned three sequels, all of which were made by Coscarelli.

Coscarelli would act as producer on the new version, in which the Tall Man travels from town to town turning the dead into his own army and using his deadly spheres against anyone who opposes him. Mike, who is developing psychic powers, and his brother try to stop him. The movie is being developed as a relaunch and as a possible trilogy about Mike's coming of age.

Thanks to 'JK'.