MGM Studios is moving forward on an updated version of the sci-fi classic The Incredible Shrinking Man, tapping author Richard Matheson and his son Richard Christian Matheson to write the screenplay adaptation.

Richard Matheson's original 1956 novel centers on a man who is exposed to radiation and insecticide, which causes him to shrink. The new story will be modernized to reflect the advancements in nanotechnology, described by the author as an "existential action movie." Here's what Richard Matheson had to say about the remake.

"My original story was a metaphor for how man's place in the world was diminishing. That still holds today, where all these advancements that are going to save us will be our undoing. It's one of those fantasy concepts that does not age."

MGM president Jonathan Glickman also released a brief statement regarding the project.

"The themes of The Incredible Shrinking Man continue to be relevant. And the Mathesons' cutting-edge ideas for the adaptation will make for a great film that will play all over the world."

Universal Pictures held the rights to the original book for decades, at one point bringing Eddie Murphy on board for a comedic version about a magician who shrinks due to a spell. When the rights lapsed, MGM moved to acquire the rights, although this version will not be a comedy.

Richard Matheson and Richard Christian Matheson will also serve as producers alongside Alan Gasmer. Richard Matheson is considered a legend in the sci-fi world, writing such beloved stories as I Am Legend and Duel, the adaptation of which was Steven Spielberg's first film. He also wrote the The Twilight Zone episode "Steel", which served as the basis for Real Steel.