James Wan, renowned for his work on 'Aquaman' and horror franchises like 'The Conjuring' and 'Saw', is in early discussions to direct a modern remake of 'Creature From the Black Lagoon' for Universal Pictures.

Universal aims to shift its focus to standalone horror films, having found success with titles like 'The Invisible Man', which grossed $143 million on a modest $7 million budget.

Despite numerous attempts over the past 40 years by various directors, including Guillermo del Toro, to remake 'Creature From the Black Lagoon', none have succeeded until now.

Wan's recent work includes directing 'Aquaman And The Last Kingdom', which is DC's highest-grossing film of all time, further solidifying his reputation in the industry.

Despite the merger of Atomic Monster with Blumhouse, both production companies will continue to operate as separate entities, allowing for diverse creative outputs.

This project is part of Universal's strategy to revitalize its classic monster catalog, particularly after the challenges faced by the Dark Universe initiative, which struggled following the poor performance of 'The Mummy'.

The original film, released in 1954, tells the story of scientists who encounter the Gill-Man, a prehistoric amphibious creature, and remains influential nearly 70 years later.

This year marks the 70th anniversary of the classic film, which has sparked ongoing debate about whether it should be remade, given its unique place in cinematic history.

Wan aims to create a grounded, modernized retelling that emphasizes visceral horror while respecting the original film, which has garnered a lasting legacy.

The new film will be produced under Wan's Atomic Monster production company, with Michael Clear and Judson Scott serving as executive producers, while Universal's Jay Polidoro will oversee the project.

If the project proceeds, it will mark Wan's first potential directorial role since merging Atomic Monster with Blumhouse Productions earlier this year.

The Dark Universe initiative faced numerous challenges, including the departure of key writers and the commercial failure of its initial films, prompting Universal to rethink its approach to monster movies.