Guillermo del Toro is in talks to helm 20th Century Fox's remake of the 1966 sci-fi film, "Fantastic Voyage," which is being produced by James Cameron's Lightstorm Entertainment, according to The Hollywood Reporter.

This won't be the first time del Toro will be working with Cameron. Cameron was on board to produce del Toro's passion project, a film adaptation of H.P. Lovecraft's "At the Mountains of Madness." The "Pacific Rim" director will also be teaming up again with David Goyer, who penned his vampire superhero film, "Blade 2.

The original "Fantastic Voyage" was directed by Richard Fleischer and featured Stephan Boyd, Edmond O'Brien and Raquel Welch. The film's plot revolved around a team of scientists who are shrunken to a microscopic size and injected into the bloodstream of a dying scientist via a submarine in order to save his life, according to Deadline.

Del Toro's recent release, "Crimson Peak," which he directed, produced and wrote, had a disappointing run at the box-office, raking in only $74 million worldwide for Universal. The filmmaker was working on "Pacific Rim 2" with Universal; although the sequel was not cancelled, the studio removed the film from its release schedule in September and put it on hold indefinitely, according to Variety.