Another horror movie franchise remake is on the horizon. This time, it will be the 1997 classic hit teen horror film "I Know What You Did Last Summer," according to Deadline.

The original horror film is what made modern day actors Sarah Michelle Gellar, Freddie Prinze Jr., Jennifer Love Hewitt and Ryan Phillippe famous. The film even co-starred "The Big Bang Theory's" Johnny Galecki, back when all were young and hot teen actors during the time period.

It featured the young cast as a group of teenagers who were out partying and cruising the cliff side roads on a coastal town. Their young and adventurous exploits lead to them hitting a man whom they thought they had killed. They had dumped his body in the ocean and walked away.

A year later, Hewitt's character returns to the town from college and finds herself terrorized by an unknown person claiming to have knowledge of what she and her friends did last summer. One by one, the group gets picked off by the killer. Their fist mistake was hitting someone who was already a killer. But their biggest mistake was not making sure that he was dead.

The film would eventually go on to make $125 million at the worldwide box office and catapult the young stars into successful Hollywood careers of their own.

That film, along with the remake, are both based on a book written by Lois Duncan in 1973.

The new film is expected to cash in on the small budget horror craze that has been banking high returns. It has tapped "Oculus" writer and director Mike Flanagan to pen the script.

Other movies that have made bank off small budgets lately are films like "The Purge," "Oculus," "Paranormal Activity" and "The Conjuring."

There has been no word yet when it will be released, but it has been said to be sometime in 2016.