The project was recently announced at a press conference in Seoul on Thursday by Imprint Entertainment's president Mark Morgan, and Mirovision president Jason Chae and Ahn.
"I thought Korean horror films would succeed in Hollywood once Korean directors steer the remake projects, just as The Grudge and The Ring series were successful," stated Ahn, who is directing the remake.
The remake will shoot in South Korea and include an American and Korean cast.
The Phone tells "the story of a cell phone number whose owners are killed in mysterious circumstances."
This new version has a $10 million dollar budget and will shoot in 2010 in Seoul. It should be released in the U.S in 2010 as well.