Luca Guadagnino, the director behind films such as Call Me by Your Name, Suspiria (2018), and Bones and All, is in final negotiations to helm a new adaptation of American Psycho for Lionsgate.

This fresh take on Bret Easton Ellis’ 1991 novel will be written by Scott Z. Burns, whose credits include The Bourne Ultimatum, Contagion, Side Effects, and The Report. Lionsgate is saying that this isn’t aiming to be a direct remake of the 2000 film adaptation directed by Mary Harron, which memorably starred Christian Bale, but rather a different interpretation of the controversial novel.

American Psycho is centred around Patrick Bateman, a wealthy investment banker living in Manhattan who hides his violent tendencies behind a façade of success. The novel was notorious upon release for its graphic depictions of violence and its razor-sharp commentary on 1980s consumerism, leading to its censorship in several countries. Despite the initial backlash, American Psycho has since gained a lasting influence in popular culture.

As first reported by Deadline, Guadagnino is set to take the reins of this new adaptation, with Lionsgate executives expressing enthusiasm for the director’s involvement. “Luca is a brilliant artist, and the perfect visionary to create a whole new interpretation of this potent and classic IP,” Adam Fogelson, chair of Lionsgate Motion Picture Group, said in a statement.

The film will be produced by Frenesy Films, and Sam Pressman, son of the original film’s producer Edward R. Pressman, will serve as executive producer through Pressman Films.

Guadagnino has continued to stay quite busy. His most recent film, Challengers, starring Zendaya, opened earlier this year, while his next feature, Queer, starring Daniel Craig, is set for US release on November 27th. The director is also in post-production on After the Hunt, a thriller starring Julia Roberts and Andrew Garfield.

The question now: Who will play Patrick Bateman in this new adaptation?