War of the Worlds:Sky News is reporting that Steven Spielberg's take on H.G. Wells' War of the Worlds could end up making history as the most expensive film ever to be created...

A remake of The War of the Worlds is reportedly set to become Hollywood's most expensive blockbuster.     

The budget for the new movie will exceed the £110m it took to make Titanic, according to The Sun.

Steven Spielberg will direct the film version of the classic HG Wells story about alien invaders and Tom Cruise will play the lead role.     

However, neither will be paid any money up front.     

Both have chosen to take a 20% share of box office takings instead.    

"No expense will be spared," an insider told the newspaper. "Spielberg wants to make it the film of the decade."     

A radio version of the story caused panic in America in 1938 when listeners became convinced that Earth was being invaded by Martians.