The 49-year-old director has said that he is considering restarting his film adaptation of HP Lovecraft's Gothic novel as a PG-13 movie, reported Digital Spy.
Universal Pictures had been keen on the project, but closed it down due to the combination of a mounting budget and an R-rating.
Del Toro has since said that the film could be revived at Legendary Pictures.
"I said to them, 'That's the movie that I would really love to do one day, and it's still expensive'. I think that now, with the way I've seen PG-13 become more and more flexible, I think I could do it PG-13 now, so I'm going to explore it with Legendary, to be as horrifying as I can, but to not be quite as graphic," he said.
'At the Mountains of Madness' centres around an expedition to the Antarctic which uncovers a seemingly-abandoned city built by an inhuman race.
Del Toro recently confirmed that he is moving forward on the sequel to his Legendary movie 'Pacific Rim'.