The original followed an evil, sadistic Leprechaun goes on a killing rampage in search of his beloved pot of gold through 6 films.
WWE CEO Vince McMahon wants to give their studios some time to grow under new lead Michael Luisi, who was given the film division in September.
Here are the new leads thoughts on the project:
"We have been looking for ways to continue our relationship with Lionsgate and we saw 'Leprechaun' as the perfect opportunity to take a well-known franchise and put a modern-day spin on it. This is a property that we believe our audience will respond to and we continue to look for ways to surprise and engage them."
The studios are expecting a 2013 release date.