It's finally happening. After nearly a full decade away, Ghostface is set to return to the big screen in Scream 5. We first heard last year that Spyglass Media Group had acquired the rights to the franchise following the fallout from the Harvey Weinstein scandal, as Weinstein's Dimension Films had been behind the hit horror series. Now, we have word that the directors behind last year's acclaimed horror hit Ready or Not have been tapped to revive the franchise for modern audiences.

According to a new report, Matt Bettinelli-Olpin and Tyler Gillett, who represent two-thirds of the filmmaking group Radio Silence, are set to direct while Chad Villella, the other member of the group, is on board to executive produce. Kevin Williamson, who penned all four of the previous Scream movies, is also on board as an executive producer. Filming is aiming to begin in May. Plot details remain scarce, but it's said the movie will center on "a woman returning to her hometown to try to find out who has been committing a series of vicious crimes."

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The big question right now is whether or not this will be a reboot or if it will be connected to the previous entries. Several cast members have indicated a desire to return, with David Arquette telling us last year that he is hoping to return as Dewey. Neve Campbell has also expressed her willingness to return as Sidney Prescott. It's easy to see a studio going either way on this one. 2018's Halloween had a lot of success positioning itself as a direct sequel to the original 1978 slasher classic, while ignoring all of the sequels. It's possible Scream 5 could take a similar approach and find a new path forward.

Ready or Not became a lowkey horror hit last year, bringing in $57 million worldwide against a $6 million budget. Perhaps more importantly, it was a near-universal critical success. Matt Bettinelli-Olpin and Tyler Gillett also previously directed segments on the anthology movies V/H/S and Southbound. Now, the duo will be tasked with reinventing one of the most iconic horror franchises of all time. Wes Craven, who also is responsible for creating A Nightmare on Elm Street, directed all four previous entries in the series. Craven passed away in 2015. The most recent entry, Scream 4, was released in 2011 and went on to become a commercial success, earning $97 million at the box office.

Across four entries, the Scream movies have grossed $603 million, making it one of the most successful horror franchises in history. A Scream TV series aired three seasons starting in 2015, with the first two seasons airing on MTV and season 3 airing on VH1 in 2019. Scream 5 does not currently have a release date set. We'll be sure to keep you posted as any further details on the project are made available. This news comes to us via Discussing Film.