Flanagan will also co-write the script with Jeff Howard.
Michael Bay, Brad Fuller and Andrew Form are producing for Platinum Dunes while Jason Blum will produce for Blumhouse Productions and Brian Goldner and Stephen Davis will handle things for Hasbro. Universal’s director of development Sara Scott will oversee for the studio.
The original revolved around a group of friends fighting the supernatural forces behind the ancient spirit board, which will be at the center of this plot as well. The original was made for $5 million and made more than $100 million worldwide.
The pic is set to bow on Oct. 21, 2016.
Flanagan and Blumhouse had previously worked on the thriller “Oculus,” starring Karen Gillan and Brenton Thwaites. He most recently directed “Before I Wake,” starring Kate Bosworth. He is repped by APA and Nelson Davis Wetzstein.
Basso can be seen next opposite Patrick Schwarzenegger in “PrettyFace” and also has “Captain Fantastic” set to bow. She is repped by Industry Entertainment and Coast to Coast Talent Group.
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The news was first reported by the Hollywood Reporter.