Burbank, California – Pennywise the dancing clown is the "It" character of the horror genre, quite literally. Now, the iconic shape-shifter will be instilling more "tasty, tasty, beautiful fear" by getting his own prequel series.

Pennywise was the star of the movies It (2017) and It Chapter 2 (2019) - played by actor Bill Skarsgård (31) in both - and the original Stephen King novel of the same name. He was also brought to life by actors Tim Curry and Lilliput in TV adaptations in 1990 and 1998, respectively.

Yet, a new series is said to be on the way with the working title, Welcome to Derry.

It is reportedly being developed by Andy Muschietti (48), who directed both It films and is now executive producing. His sister Barbara Muschietti (50) is apparently helping to flesh out the story, while the script is being written by Jason Fuchs (36), who penned Wonder Woman, Pan, and Ice Age 4, and will also executive produce.

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Warner Bros. Television is behind the project, with the same studio having produced both films, which together grossed over $1.1 billion globally. It remains the highest grossing horror movie of all time.

It tells the story of children in Derry, Maine, who are terrorized by a creepy being in the sewer. The new series would detail the origin story of Pennywise the clown, beginning in the 1960s and moving chronologically in plot towards the two films.

Andy Muschietti is also expected to direct the first episode, and there are several reports that the show is headed for HBO Max. It wouldn't be the first prequel to come to the streaming service recently – the Game of Thrones prequel, House of the Dragon, just announced it will debut on HBO Max in August.

With lots of hype ahead of the nightmare-inducing Welcome to Derry, the question remains: Who will be tapped for the series' horror-ific cast? And who will portray Pennywise?

As HBO and Warner Bros have both declined to confirm the project, not much is known about a possible cast. Yet it's hard to imagine that those responsible won't try to bring back Bill Skarsgård.

The son of Hollywood's Stellan Skarsgård(70) and younger brother of Alexander (45) made a name for himself with his demonic and unforgettable portrayal of Pennywise - perfectly capturing the evil smile that instilled fear in so many horror fans around the world.

The actor just finished shooting the Swedish series Clark and has also appeared in shows Castle Rock and Hemlock Grove.

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He has additionally acted in more feature films since It, playing Kro in Eternals, starring in the Netflix drama The Devil All The Time, and commanding the screen in titles Atomic Blonde, Destiny Allegiant, Deadpool 2, and Assassination Nation. It has also been confirmed that he will appear alongside Keanu Reeves (57) in the upcoming John Wick: Chapter 4.

Nevertheless, It fans can be hopeful that he will return to what is his most famous role to date, and scare the daylights out of us once again.