Juan Antonio Bayona and Sergio Sanchez, the director and screenwriter of “The Orphanage,” are reteaming on what looks set to be Bayona’s second film.

Skedded to shoot in spring 2010, the film is produced by Madrid-based Apaches Entertainment, Telecinco Cinema and Spongeman, Bayona’s own Barcelona-based label.

Described by Apaches’ Belen Atienza as a “powerful story, based on true facts, which poses large technical challenges,” the film is highly ambitious by Spanish standards.

Bayona spent months working on the screenplay and the pic’s visual design well before he was reportedly approached by Summit to direct “Twilight 3: The Eclipse.”

“The film looks absolutely unique,” said Telecinco Cinema CEO Ghislain Barrois.

Sanchez completed a first-draft screenplay in late April that Telecinco and Apaches will be presenting at Cannes.

Principal Spanish finance for Bayona’s new film is put up by Telecinco Cinema, the film production arm of broadcast network Telecinco.

Telecinco is open to multiple scenarios on the pic with foreign partners: co-production, co-financing, an  international distribution deal, said Barrois.

Pic looks like Telecinco’s biggest bet for 2010. Bayona is also attached to direct “Hater,” which is set up at Universal Pictures, with Guillermo del Toro and Mark Johnson producing.