The original movie centered on a prehistoric water-breathing humanoid monster that lived in a remote Amazonian river and a group of scientists that want to study him.
Despite earlier reports, Carl Rinsch is not attached to direct.
Kajganich, who wrote the Daniel Craig-Nicole Kidman thriller The Invasion several years ago, has also worked on various remakes of Stephen King based films in development including new versions of "Pet Sematary" and "The Stand", is reportedly starting from scratch on the "Lagoon" update.
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