After languishing in development for several years, Paramount Pictures is finally moving forward with their horror sequel The Ring 3, tapping F. Javier Gutiérrez to direct.

It isn't clear if Naomi Watts, who starred in 2002's The Ring and the 2005 sequel The Ring Two, will be back for The Ring 3. We last reported on this project way back in April 2010, when David Loucka (House at the End of the Street, Dream House) came aboard to write the script. The project was envisioned as a 3D sequel at that time, but it isn't known if Paramount is still working from his draft, or if they plan on bringing new writers in.

Walter F. Parkes and Laurie MacDonald will return to produce, although no production schedule was given. The Ring, which was adapted from the 1998 Japanese thriller Ringu, earned $249 million worldwide, although the follow-up, The Ring Two, only managed to earn $160 million during its theatrical run. The story centers on a mysterious video tape that kills the viewer seven days after watching it.

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F. Javier Gutiérrez's previous directorial credits include Brasil and Before the Fall. He is also attached to direct The Greys and The Crow reboot.