Earlier today the news began spreading that Guillermo Del Toro's next directorial effort would indeed be his passion project, an epic adaptation of H.P. Lovecraft's 'At The Mountains of Madness' sporting a $150 million budget, Tom Cruise as its star and a June start date. Drew McWeeny at HitFix then reached out to pals Del Toro and producer Don Murphy to congratulate them on finally moving forward on their dream project, only to learn that the project was actually still in the dream phase and that a start date had not been set. Sad news for fans of Del Toro and Lovecraft, indeed.

However, Deadline is now reporting that Warner Bros. and Legendary Pictures are taking advantage of Universal's hesitance to commit to an R-rated horror movie that costs $150 million (even if James Cameron is producing) and moving closer to a deal for Del Toro to direct a project he's been co-developing on their end, 'Pacific Rim.