The Platinum Dunes partners Michael Bay, Brad Fuller, and Andrew Form are working with New Line Cinema to reboot the Nightmare on Elm Street franchise originally started by Wes Craven in 1984. Variety describes Platinum Dune's approach to the series as entailing a "complete overhaul" much like what they've done to The Texas Chain Saw Massacre, Alfred Hitchcock's The Birds, and the forthcoming Friday the 13th re-invention (an oxymoron?).
The original A Nightmare on Elm Street featured a character called Freddy Krueger (played by Robert Englund) who would haunt the dreams of teenagers and kill them in their sleep. It is believed that at least this much will be preserved of the original premise (minus Englund, probably). No writer has been hired yet, and none will be until the WGA strike is resolved.