According to Variety, DreamWorks is moving forward on its third installment of The Ring.

No writer has been hired, but producer Walter Parkes has confirmed that "The Ring 3" is being developed and that the new film will be made on a smaller scale than the first two.

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Those films, both of which starred Naomi Watts, were in the $60 million range.

The new The Ring will be "by its very nature a small, intimate movie," Parkes said at a press junket for DreamWorks' summer tentpole The Island.

The first The Ring, released in 2002, grossed $129 million domestically. The Ring Two, which unspooled earlier this year, took in $75 million.

Watts will likely not star this time around. Instead, pic will be told from the point of view of another character who also has the misfortune of sliding the infamous videotape into the VCR.

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