Third installment of the horror franchise in the works…

Multiple outlets are reporting that Spanish helmer F. Javier Gutiérrez, who is currently attached to direct a reboot of ‘The Crow,’ has signed on to take the helm of ‘The Ring 3’ for Paramount Pictures.

Based on the outrageously popular Japanese hit ‘Ringu,’ the story revolves around a mysterious videotape that, when watched, appears to hold the power of life and death over those who view it.

The first film in the English-language series, directed by Gore Verbinski and starring Naomi Watts, was released in 2002 and grossed $249 million at the worldwide box office. Watts reprised her role for Hideo Nakata’s 2005 sequel, which grossed $160 million worldwide.

‘The Ring’ and ‘The Ring Two’ producers Walter F. Parkes and Laurie MacDonald are returning for the third installement.