Mike Flanagan is leading a "radical new take" on 'The Exorcist'.

Mike Flanagan is working on a new Exorcist movie

Mike Flanagan is working on a new Exorcist movie

The 'Haunting of Hill House' creator and modern horror icon - who has also worked on the likes of 'Gerald's Game', 'Midnight Mass' and 'The Fall of the House of Usher' - will write, direct and produce a reboot of the iconic franchise for Blumhouse.

He said in a statement: "'The Exorcist' is one of the reasons I became a filmmaker, and it is an honor to have the chance to try something fresh, bold, and terrifying within its universe.

"Reuniting with my friends at Blumhouse, with whom I’ve made some of my favorite pieces of work, only makes this more exciting."

Blumhouse founder Jason Blum admitted he instantly "responded" to Flanagan's idea for the film, and he's looking forward to working with him again after previously teaming up on 'Oculus', 'Hush' and 'Ouija: Origin of Evil'.

Blum added: "Mike’s voice and vision are indispensable for horror fans, and we are excited to welcome him back to Blumhouse.

"I immediately responded to Mike’s new take on the world of 'The Exorcist' and can’t wait for audiences to experience it."

The announcement means plans to continue David Gordon Green's 'Exorcist' trilogy appear to have been scrapped after last year's 'The Exorcist: Believer' was panned by critics.

Horror icon John Carpenter - who worked with Green on the 'Halloween' reboot trilogy - couldn't understand how the sequel wasn't a hit.

He previously told the Los Angeles Times newspaper: "I like what David did when he made the three ‘Halloweens'.

“I loved No. 2 [‘Halloween Kills’]. Thought that was fabulous. I heard ‘The Exorcist’ really didn’t cut it.

"That could be a kick-a** movie. I don’t understand how you can screw that up.”

The flick was a direct sequel to William Friedkin's original 1973 picture 'The Exorcist', considered to be one of the greatest horror movies ever made, and director Green admitted he wanted to do the series justice with his new adaptations.

He told Collider: "I'm always my own worst critic, and putting pressure on myself that may or may not be the healthiest.

"But to me, it's trying to bring an integrity to a franchise that means a lot to me as a movie geek. So, just get the right team together, work your a** off, and make a movie."