The original A Nightmare on Elm Street was written and directed by Wes Craven and released in 1984.
It is unclear if either party own the rights to the film or if they are public domain.
The movie starred Robert Englund as the horror icon Freddy Krueger, Heather Langenkamp, and Johnny Depp.
In addition to Wood and Noah expressing interest and having an idea for the series, Mike Flanagan revealed in November he also has a pitch for a Nightmare on Elm Street reboot.