Stephen King's "It" killer clown Pennywise has found his next target — Director Andy Muschietti!

According to Variety, Muschietti is in negotiations with the studio and, if both parties agree, he will take over the reins of New Line Studio's movie adaptation of the psychological horror novel "It," authored by master of horror, Stephen King. He will replace Cary Fukunaga, who left the project because of budget concerns.

"It" is King's 1986 novel, which in its original publication has 1,136 pages. In 1991, it was adapted as a TV miniseries which starred Tim Curry and John Ritter. The story revolves around seven children who are cast out and come together over summer break to face a monster harassing their town, only to be haunted in the process by their own demons.

A shape-shifting monster, "It" mostly appears in the mold of a clown named Pennywise with the purpose of capturing young children as part of a game or as victims. "It" first manifested himself in Derry, Maine in 1957 — a town that has appeared in several of King's books, as per Dread Central.

No word yet if Will Poulter will still portray the iconic Pennywise, but he was highly favored by New Line when the production was stalled in May.

Muschietti's previous horror film "Mama" in 2013 became a surprise hit, according to Entertainment Weekly, with earnings totalling to about $145 million across the globe, despite its $15 million budget. The film was produced by Guillermo Del Toro and starred Nikolaj Coster-Waldau and Jessica Chastain.

"It" is still awaiting if it will be given a go signal or would be placed on hold. 

Fukunaga, best known for helming Season 1 of "True Detective," initially agreed to do the film in 2012. Filming was previously arranged to begin in three weeks and has been indefinitely placed on hold when Fukunaga quit.