Updated: Jackie Earle Haley confirmed to play Freddy in Nightmare on Elm Street

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Dec 14, 2012, 3:54 PM EST

The Hollywood Reporter's Risky Biz blog on Friday confirmed the rumor, first reported by Bloody-Disgusting and Latino Review, that Watchmen's Jackie Earle Haley will play Freddy Krueger in New Line/Platinum Dunes' upcoming A Nightmare on Elm Street reboot.

Haley, who won rave reviews playing Rorschach in Zack Snyder's Watchmen, takes over the role of the iconic screen villain from Robert Englund, who originated the character in Wes Craven's 1984 first Nightmare movie.

Samuel Bayer is directing the relaunch, which was written by Wesley Strick.

Haley had been one of several actors on the shortlist to play the part. But scheduling issues almost scotched the deal: Haley is also working on the TV series Human Target, which led to conflicting dates.

Krueger, as fans know, is the serial child killer murdered by angry parents who returns with a burned face, striped sweater, fedora and razor glove to terrorize teens in their dreams.

Bloody-Disgusting also reported that Kyle Gallner (A Haunting In Connecticut) is in final talks to play Quentin, the podcast host and Johnny Depp character from the original Nightmare. (We remember him as Beaver on Veronica Mars.)

Shooting on the remake, from the same people who produced the successful Friday the 13th reboot, begins May 5 in Chicago.

Haley was nominated for an Oscar for playing a sex offender in 2006's Little Children.