Director Fede Alvarez will write and direct the film, while Lisa Henson, daughter of the original film's helmer Jim Henson, will produce the project, according to The Hollywood Reporter.
The new 'Labyrinth' movie would be a continuation of the previous film's story, rather than a reboot or remake.
The late rock musician starred opposite Jennifer Connelly and Toby Froud in the original film.
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