Marketsaw, a blog about all things 3D in the movies, is reporting that a third Gremlins movie is in development and that will be in stereoscopic 3D.

The site says it is not a 3D conversion of the original comedy horror, which was directed by Joe Dante and executive produced by Steven Spielberg and Chris Columbus, and that it is in very early stages.

The story of the first centered on an adorable creature, a “Mogwai,” purchased at a curious shop in New York City’s Chinatown. But things took a turn for the less cute when the Mogwai, named Gizmo, was exposed to bright light, got wet or was fed after midnight — and spawned a slew of evil monsters.

Marketsaw says Dante will be back at the helm. Dante, however, told MTV he knows nothing about it. “These things come up from time to time,” he said. “I don’t know of anything officially that’s going on.” He also said he is open to the possibility but is “not sitting by the phone.”

Dante’s last feature in wide release was2003’s Looney Tunes: Back in Action. He made headlines in 2009 for a variety of projects, including the web series ‘Splatter’ and 3D horror film The Hole, which was awarded the first Premio Persol at the 2009 Venice Film Festival’s for the “3-D feature deemed the most creative among those produced globally between September 2008 and August 2009.” A wide release for The Hole is yet to be announced.