Los Angeles, July 14 -- Notorious serial killer Freddy Krueger is all set for another crime spree!

As per Variety, Paramount has closed a deal for the US rights to adapt the original screenplay for 'A Nightmare on Elm Street', under its new genre label Paramount Primal.

The domestic rights have been licensed from the Wes Craven estate, which includes Craven's widow Iya Labunka and son Jonathan Craven.

The duo will produce the film with Marc Toberoff, an attorney who helped the filmmaker's family regain ownership of the kickoff film.

The yet-to-be-tiled film is still in development under Paramount Primal.

While plot details are yet to be unveiled, it is said to be set in the world of 'A Nightmare on Elm Street' and based on the first ...