After the moderate success of last year’s Carrie remake, a number of Hollywood directors have been searching for the next horror classic to give the reboot treatment. Oculus filmmaker Mike Flanagan announced Monday that he plans to write and direct a remake of 1997’s I Know What You Did Last Summer, which launched the careers of its entire star-studded young cast.

Starring Jennifer Love Hewitt, Sarah Michelle Gellar, Freddie Prinze Jr. and Ryan Phillippe, I Know What You Did Last Summer was adapted from a novel by Lois Duncan. It follows four teenagers after they hit a man with their car and try to hide his body to avoid any possible repercussions for the accident. The teenagers are then stalked by a terrifying hooded figure with a hook. Screenwriter Kevin Williamson, known best for revitalized the horror genre with Scream, penned the script for the original film.

I Know What You Did Last Summer grossed an impressive $125M worldwide, which led to a sequel – in which Sarah Michelle Gellar reprised her role – being made the following year. There has not been any word on whether or not any members of the old cast will reprise their roles, but Neal Moritz, who produced the original 17 years ago, will reportedly return for the reboot.
Sony Pictures is expected to enforce a tight budget on the reboot, but Flanagan has already proven to horror fans that he can accomplish great things without spending a lot of money. Oculus was done on a micro-budget, but still opened to $12M and grossed $40M worldwide. Sources say Sony wants the director to get to work on the film immediately, as they are aiming for a 2016 release.