EXCLUSIVE: Warner Bros, Paramount Pictures and Appian Way have teamed with It: Chapter 2 director Andy Muschietti and his producer sister Barbara Muschietti to develop a new version of The Time Machine. Andy and Barbara Muschietti have written a treatment for the film and Andy Muschietti will direct it. Barbara Muschietti will produce it with Appian Way’s Jennifer Davisson and Leonardo DiCaprio.

Arnold Leibovit will be executive producer. He exec produced the 2002 version of the film that Simon Wells directed and starred Guy Pearce. That was the second version of the film, with the first directed by George Pal in 1960. Both are based on the science fiction classic written by H.G. Wells, the visionary science fiction author who also wrote War of the Worlds.

Warner Bros is leading the charge on this one, steering the picture creatively. The tale revolves around an inventor who hopes to alter the events of the past and travels 800,000 years into the future, where he finds humankind divided into warring races.

Muschietti recently wrapped It: Chapter 2 for Warner Bros after he directed and Barbara Muschietti produced the first blockbuster. The Muschiettis also have Attack on Titan at Warner Bros. and Robotech at Sony in development.

The Muschiettis are repped by WME.