Derrickson, best known for The Exorcism of Emily Rose and Sinister before his entree into the MCU, will direct from a script by Maggie Levin (Into the Dark), ET has learned. "The latest..." he confirmed on Tuesday, tweeting out a link to the news.
Labyrinth starred then-newcomer Jennifer Connelly as a teenager whose baby brother is stolen away to a magical kingdom by Jareth the Goblin King (David Bowie). In the years since its 1986 release, the film has become a cult classic among fans.
Jim Henson, whose puppets populate the titular labyrinth, directed the original, while son and successor Brian Henson will serve as an executive producer on TriStar Pictures' new take. No word whether Connelly (most recently seen in TNT's Snowpiercer and the upcoming Top Gun sequel) will reprise her role yet.
"I loved Jim Henson, and David Bowie was so sweet to me," she told ET upon the film's 30th anniversary. "[Making] it was probably more fun than watching the film. It was a really special experience." See more in the video below.