Jane Eyre director Cary Fukunaga has signed onto direct IT for Warner Bros.

The filmmaker will also co-write the script with Chase Palmer. This adaptation of Stephen King's best-selling 1986 novel will split the book into two movies. The story centers on a group of kids known as The Losers Club. They come across an evil creature who haunts children, and whose favorite form is a wicked clown known as Pennywise. The group must get back together as adults, when the creature returns, even though they have no memory of their previous encounter.

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Dan Lin, Roy Lee, David Katzenberg, and Seth Grahame-Smith are producing. The book was previously adapted as a 1990 mini-series starring John Ritter, Harry Anderson, and Tim Curry as Pennywise.

It isn't known when production may begin. This project is just the latest Stephen King adaptation currently in the works. Carrie, The Stand, The Dark Tower, and The Ten O'Clock People are all in various stages of development.