Earlier today the news began spreading that Guillermo Del Toro's next directorial effort would indeed be his passion project, an epic adaptation of H.P. Lovecraft's 'At The Mountains of Madness' sporting a $150 million budget, Tom Cruise as its star and a June start date. Drew McWeeny at HitFix then reached out to pals Del Toro and producer Don Murphy to congratulate them on finally moving forward on their dream project, only to learn that the project was actually still in the dream phase and that a start date had not been set. Sad news for fans of Del Toro and Lovecraft, indeed.

However, Deadline is now reporting that Warner Bros. and Legendary Pictures are taking advantage of Universal's hesitance to commit to an R-rated horror movie that costs $150 million (even if James Cameron is producing) and moving closer to a deal for Del Toro to direct a project he's been co-developing on their end, 'Pacific Rim.

Not a whole lot is known about 'Pacific Rim' at this stage, but what we do know is that Del Toro has been putting the project together along with screenwriter Travis Beacham ('Clash of the Titans') for several months now and that it involves giant monsters of some variety. Interestingly enough, if that deal does close, it would make 'Pacific Rim' the second giant monster movie on Legendary's docket (the other being Gareth Edwards' 'Godzilla').

Either way, as long as one of these projects moves forward, I think fans will be in for a treat. But if we've got to cross our fingers and pray to the movie Gods for only one of them, it's got to be 'At The Mountains of Madness.' R-rated Lovecraft with a $150 million budget? I'm not sure we as movie goers have proven that's a film we deserve to have, but it's definitely one we need.