The movie will be based on a graphic novel about writer HP Lovecraft.
In the wake of 'Game of Thrones', the showrunners - David Benioff and DB Weiss - haven't exactly covered themselves in glory.
They were originally lined up to take on a 'Star Wars' trilogy, but that was quickly taken off them when the reaction to the eighth season began to turn quickly against them. There was also 'Confederate', which was going to be a HBO series which imagined a world where the Confederacy won the US Civil War - that also went to the wayside.
However, Weiss and Benioff eventually locked themselves into a nice, juicy Netflix deal - but before that kicks in, they've got 'Lovecraft'. Deadline reports that the duo are set to work on adapting a graphic novel that offers up this horrifying question - what if the writings of HP Lovecraft weren't just imagined, but actually real?
For those unfamiliar with Lovecraft's work, he essentially wrote some of the earliest examples of sci-fi and fantasy horror and encompassed what became broadly known as "weird fiction". The Cthulu Mythos was a series of connected stories in a shared fictional universe that saw giant, ancient gods control the fate of the universe and were worshiped by bizarre, often disturbing human cults here on Earth.
The graphic novel 'Lovecraft', which funnily enough had a written introduction by John Carpenter, was released in 2004 and was critically acclaimed for its handling of Lovecraft's legacy and life-story.
No release date has been set for 'Lovecraft', but it is known that 'Destroyer' scribes Phil Hay and Matt Manfredi are working on the script with 'Destroyer' director Karyn Kusama acting as executive producer.