Yesterday PRODUCTION WEEKLY announced that James Cameron was in development of a new sci-fi event film. Rumors believed it was the previously announced DOOMSDAY PROTOCOL, but now VARIETY reveals that it's actually a remake of FANTASTIC VOYAGE.

Shane Salerno (ALIENS VS. PREDATOR: REQUIEM) will pen the script while Cameron will produce. Proposed as a 3-D spectacle, the film's story follows scientists that shrink themselves to enter the bloodstream of their dying colleague in order to save his life.

Previously, Roland Emmerich had been circling the project, as well as THE FALL director Tarsem Singh.