Richard Matheson rebooting his classic Incredible Shrinking Man pic

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Feb 13, 2013, 1:56 PM EST

Richard Matheson’s classic novel The Shrinking Man is getting a modern makeover. In 1957, he adapted it for the screen as Jack Arnold's The Incredible Shrinking Man. The film centered on Scott Carey, a man who's exposed to radiation and insecticide, which causes him to slowly shrink.

MGM has acquired the rights to the book and have partnered with Matheson and his son Richard Matheson Jr. for a reboot. The author describes the new take as “an existential action movie.” He says, “My original story was a metaphor for how man’s place in the world was diminishing. That still holds today, where all these advancements that are going to save us will be our undoing.”

Why revamp the story now? MGM president Jonathan Glickman thinks its themes are still relevant. He believes "the Mathesons’ cutting-edge ideas for the adaptation will make for a great film that will play all over the world.”

Universal had the book rights for years and planned to adapt it for a film with Eddie Murphy. They were eyeing a comedy about a magician who would shrink due to a spell. As you can see, that idea never got off the ground.

(via THR)