Samuel Bayer is directing the relaunch, which was written by Wesley Strick. The movie starts filming on May 5 in Chicago.
The Haunting in Connecticut star Kyle Gallner has been cast as Quentin in the film as well.
Platinum Dunes' Andrew Form and Brad Fuller are producing. John Rickard is co-producing.
"Looking at his performance in 'Watchmen,' here’s a guy playing a character under a mask yet you feel tremendous empathy for him," Bayer told The Hollywood Reporter. "And in 'Nightmare,' he is going to be under prosthetic make-up. You have to feel something for the character. The greatest villains are multi-dimensional and I think he will bring that to the character."
Bayer called this take of Krueger "Nosferatu meets Ed Gaines."
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