The recent news that director Cary Fukunaga was leaving the remake for Stephen King's 'It' left fans discouraged and disbelieving that that film would make it to production, however there is now hope for the project to continue.

It has been reported that New Line Cinema and Fukunaga parted ways due to creative differences.

"The stories cited creative differences, which included Fukunaga's desire to direct in New York, while the studio wanted to cut costs by sending Pennywise to other locations. It was also said that one of the reasons for the budget concerns may have been the lukewarm opening Poltergeist, which also heavily used a clown in their marketing," writes Bloody Disgusting.

An insider now reports that the film is actually alive and well and will most likely leaving New Line to be produced by Warner Bros. The studio is currently in pursuits of a new director and will be meeting with new candidates in the coming weeks.

"We were originally told that the current expectation was that Warners would move forward with the existing It scripts and New York locations for filming possibly later this year, which is unfortunately not the case," writes Bloody Disgusting.

'It' is still set to premiere as two films, the first introducing the characters as kids, and the subsequent as adults.

Actor Will Poulter is still currently believed to play the demonic clown.

As it stands, a new release date has not yet been announced.