Guillermo Del Toro is reportedly in talks to replace Shawn Levy and direct the remake of Fantastic Voyage that James Cameron is producing. The 1966 cult classic original saw a submarine full of scientists shrunk and sent inside a man’s body to save him from a fatal blood clot after a failed assassination attempt.

Cameron and Del Toro previously tried unsuccessfully to make passion project At The Mountains of Madness. Ultimately their efforts were frustrated by the studio’s reluctance to invest a major 100 million dollar budget in an R rated horror flick. However this time with a script already in place form Blade 2′s David Goyer and Justin Rhodes, the pair seem to have the geen light from 20th Century Fox to push ahead with the project as a major tentpole blockbuster.

Del Toro had planned to follow up recent Gothic romance Crimson Peak with a sequel to Pacific Rim, but Legendary Pictures have pulled it from their schedule, reluctant to gamble such a big budget on a sequel after the first film performed poorly in the US box office. However with Chinese based Wanda having recently acquired Legendary it may yet prove to once again change the fortunes of the project. The Chinese based conglomerate may have more enthusiasm for a follow up given Pacific Rim’s monster sized performance in China and across Aisa.