We’ll start with the bad news first: it sound like Pacific Rim 2 will probably not be happening anytime soon. Last September we started to hear that the project had been put on hold as a result of a strained relationship between Legendary Pictures and Universal and now the latest word is that the project is “off the table indefinitely.” The good news, however, is that Guillermo del Toro already has a new movie in the works and it will find him teaming up with James Cameron. Del Toro is supposedly taking the reins on a long-gestating remake of the 1966 sci-fi classic Fantastic Voyage that is being produced by Cameron. Hit the jump for the full scoop.

According to THR, Guillermo del Toro is in talks to develop and direct Fantastic Voyage for 20th Century Fox and James Cameron’s Lightstorm Entertainment. Del Toro’s Blade II writer David Goyer came up with the treatment, while the current version of the script was written by Justin Rhodes (Contract Killers, Grassroots). No release date has been set as of yet.

The story revolves around a team of specialists who must pilot a submarine shrunk down to microscopic size and injected into the bloodstream of a comatose co-worker in order to save his life and recover the top secret information he possesses. The original was a visual marvel at the time, so clearly the remake requires a director who can once again up in the ante in that department. The original plan was for it to be shot in 3D but there is no mention of that in the latest article. Are you looking forward to embarking on Guillermo del Toro’s Fantastic Voyage?