According to the industry trades, Bay and his Platinum partners Brad Fuller and Andrew Form have been enlisted by New Line to put a fresh spin on the razorblade-wielding baddie originally played by Robert Englund.
Platinum Dunes is also behind New Line's upcoming revamp of "Friday the 13th," set to be directed by Marcus Nispel, who previously reinvented "The Texas Chainsaw Massacre" for the company.
No writers can be attached to "Nightmare on Elm Street" until after the strike ends, which is fine. Bay and his Platinum cohorts already have remakes of "Near Dark" and "The Birds" in various stages of preproduction for Rogue and Universal respectively.
Englund's Freddy Kreuger was born in Craven's 1984 classic about a group of teens whose dreams are terrorized by child killer who lurks in their dreams. Freddy returned in a slew of sequels, most recently facing off with Jason Voorhees in the self-explanatory 2003 hit "Freddy vs. Jason."