The second film adaptation of the iconic "It" by Stephen King could begin production this year according to producer Roy Lee, as reported by Entertainment Weekly.

"It will hopefully be shooting later this year," Lee said in a recent interview with Collider. "We just got the California tax credit... Gary Doberman wrote the most recent draft working with Andy Muscetti, so it's being envisioned as two movies."

He also shared that the latest adaptation will be very close to the source material in one way, but if viewed as a literary piece of work, it is very different. Lee added that they're making the first one from the point of view of the kids and the other of the adults that could then be potentially cut together like the novel.

When it comes to the rating of the film, it would be Rated R. "We are very close to turning in the final draft of the script. It's mainly working on it for budgeting purposes to make it fit within the budget that we have," Lee shared.

"True Detective" and "Beast of No Nation's" Cary Fukunaga, who used to work on the script with Chase Palmer before Gary Doberman, was once set to direct the two-part remake with the then 22-year-old Will Poulter as the highlight of the movie - Pennywise the evil dancing clown.

"Ultimately, we and New Line have to agree on the kind of movie we want to make, and we just wanted to make different movies," Fukunaga told Entertainment Weekly regarding his departure from the film. "It's like a relationship: you can try to make the other person who you want them to be, but it's impossible really to change. You just have to work."

Stephen King's "It" was adapted into a horror mini-series in 1990, with the story revolving around an inter-dimensional life-form that can turn itself into the prey's worst fears and mostly takes the form of Pennywise, who was portrayed by the great Tim Curry.