Despite previous rumors that Lionsgate may skip a year before releasing the fifth installment in the Saw franchise, the studio has announced that Saw V will be released on October 24, 2008.

David Hackl is attached to direct. Marcus Dunstan and Patrick Melton, who wrote Saw IV, are developing the screenplay. Nothing is known about the plot line at this point. Another rumor which was reported a few months ago, is that the studio will shoot both Saw V and Saw VI simultaneously, although this has not been substantiated.

RELATED: Tobin Bell Has One Condition for Returning as John Kramer in the Saw Franchise

Tobin Bell will return as Jigsaw.

Saw V is scheduled to begin shooting after the first of the new year.