Sony Pictures is eyeing to remake the 1997 hit horror film "I Know What You Did Last Summer" which chronicled the life of a group of teenagers stalked by a mysterious hooded figure.

Back in the day, the film grossed an impressive $125 million globally and now, Sony is taking a chance on the film once again. However, this time around the movie will created as a low budget remake, according to InEntertainment.

Deadline was first to report that "Oculus" director, Mike Flanagan, has been tapped to pen the remake alongside Jeff Howard. The original producer of the film, Neal Moritz, will once again produce the remake, the same publication noted.

"I Know What You Did Last Summer" is currently on the high priority list of Sony Pictures and the company is aiming for a 2016 release date, Entertainment Wise reported.

In the past, stars like Jennifer Love Hewitt, Sarah Michelle Gellar and Freddie Prinze Jr. starred in the movie but as of late, it is still unclear who their replacements will be. There is still no word yet whether or not old cast members will take part in the upcoming project.

Meanwhile, Cinema Blend noted the secret ingredient to what made the film franchise a huge success back in the day.

"The secret ingredient to the original I Know What You Did Last Summer, though, was screenwriter Kevin Williamson, who had penned the self-referential horror comedy Scream for Wes Craven the year before, and brought a lot of the same genre knowledge and winking humor that helped Summer separate itself from the pack. This wasn't just a grisly slasher thriller, as a killer with a fisherman's hook stalked the pretty coeds of a quaint seaside town... It was the start of a franchise or a movie that inspired at least one sequel. Yes, it was actually titled I Still Know What You Did Last Summer."