Freddy Krueger is set to return to his chilling killing ways as New Line Cinema plans a new franchise featuring the iconic villain.

Wes Craven’s nightmare of a character, the murderous Freddy Kruger, will be revived by New Line Cinema for a new franchise created by Platinum Dunes partners Michael Bay, Brad Fuller and Andrew Form, trade paper Variety reported earlier this week.

The iconic killer, played by Robert Englund throughout nine films and two TV series beginning with 1984’s “A Nightmare on Elm Street,” is a symbol of New Line’s second most lucrative franchise, after the release of “The Lord of the Rings.”

Variety reports that Bay, Fuller and Form are currently preparing an early May start for “Friday the 13th,” New Line’s relaunch of another iconic killer in screen history, Jason Voorhees. Marcus Nispel will direct from a script by Damian Shannon and Mark Swift (“Freddy vs. Jason”).

New Line will hire a screenwriter once the Writers Guild of America strike ends. The producers are hoping to focus part of the new movie on Krueger's backstory, according to the Hollywood Reporter.

Throughout the films, it was revealed that Freddy had been born in tragic circumstances and had a troubling childhood. He became a serial child killer, ultimately murdered by the parents of his victims. He returned to terrorize and kill teenagers in their dreams.

At Rogue Pictures, the Platinum Dunes team is working on an exorcism thriller to be directed by David Goyer, reports Variety, and a “Near Dark” remake to be directed by Samuel Bayer.

The company is also remaking Alfred Hitchcock’s “The Birds” for Universal, with Martin Campbell directing Naomi Watts.