Update: We can all breathe a sigh of relief — there is no Labyrinth reboot in the works (YET), says a screenwriter attached to the project that The Hollywood Reporter first announced on January 22.

"Not 'rebooting' anything guys," Nicole Perlman wrote on Twitter. "Henson Co & I started talking in late 2014, so the timing of these rumors is so upsetting. I would never seek to profit from Bowie's death."

Perlman continued, "Labyrinth is my favorite film from childhood, so I share your concerns that any continuation of the world be handled with love and respect."

It's unclear whether the project Perlman was developing with Jim Henson Co. is a Labyrinth sequel — her reference to a "continuation of the world" in the Tweet points to 'maybe' — or if it's another project altogether. For now, let's be grateful we won't see a new, inferior Jareth the Goblin King anytime soon.

Original post: Get ready to dance magic, dance again—TriStar and The Jim Henson Company have closed a deal to produce a reboot the 1986 fantasy classic film Labyrinth, which celebrates its 30th anniversary this year.

The 80s cult film, which starred Jennifer Connelly as a teenager who goes on a quest to save her baby brother from a goblin king, played by the late David Bowie, wasn't exactly a box office smash at the time of its release. As such the film, which was executive produced by Star Wars titan George Lucas, ended up being the last feature-length directed by the great Jim Henson. The dark, whimsical movie has gained a loyal following in the years since.

According to The Hollywood Reporter, writer Nicole Perlman has been hired to pen the script. Perlman was one of the co-writers behind 2014's critically acclaimed Marvel sci-fi adventure, Guardians of the Galaxy. In 2015, she was also tapped to co-write the upcoming Captain Marvel flick.

So far, it's uncertain as to whether the planned reboot will be either a direct remake or sequel to the 1986 movie, and there's no word yet on when it is planned to be released. However, fans of the film are already placing their bets on Twitter, so to speak, on which stars will likely be tapped to play teenager Sarah and the goblin king himself, Jareth. The most likely prospects for the latter? Jared Leto or Johnny Depp.

A few fans have actually called for a genderswapped version of the story, pitching Lady Gaga or Tilda Swinton as the otherworldly goblin queen—and actually hey, that's not a bad idea, even if we're not exactly certain a reboot of the film in the first place is all that great an idea.

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