Mexican helmer-scribe Guillermo del Toro and Chilean thesp Leonor Varela (“Blade 2”) will exec produce Chilean fantasy horror pic “The Call of the Sea.”

Varela also will star opposite Chilean thesp Santiago Cabrera, whose credits include ABC mini-skein “Empire.” Pic will be in English and Spanish.

Varela plays a Latina marine biologist in New England who travels to a mysterious island where legends of creatures and ghost ships abound.

Fantasy/horror feature is the third from Chilean helmer Jorge Olguin, whose last pic, “Sangre Eterna,” became a cult hit and one of the highest grossing Latin American horror films.

Principal photography begins in September on the island of Chiloe off the coast of southern Chile.

At a budget of $2 million, “The Call of the Sea” will be one of the most expensive pics from Chile, where features are generally made for between $500,000 and $1 million.

Olguin plans to combine the elements of magic and fantasy with Chiloe as a key backdrop. Pic will make use of CGI, models and special effects makeup, quite unprecedented in Chilean cinema.

“At Chiloe, we’ll be shooting on location at Chepu, a forest in the middle of the sea,” said Olguin.