According to Variety, Craven, who directed the Scream and A Nightmare on Elm Street films, will be writing and directing a new horror flick.
The filmmaker has been hired by Midnight Pictures to create a film with an estimated budget of $15 million.
Craven, 67, feels that his next movie will be more of a supernatural thriller, inspired by The Sixth Sense.
The cast for the film will be hired by the Rogers Company, which is a division of Focus Features. Craven hopes to begin filming in the spring of 2007.