Will We Ever See 'The Blair Witch Project 3'?

With the found-footage style rapidly becoming the herpes of horror flicks, why not revisit the strain that started it all?

Chatter has floated here and there, year after year, that we might one day see a third movie in the legacy of 1999's "The Blair Witch Project," the movie shot almost entirely with a handheld camera from a first-person perspective of three student filmmakers lost in the woods while chasing down the legend of years of horrific events surrounding what local lore only called "the Blair Witch."

It made $248.6 million on a $500,000-750,000 budget, and was followed up with a dull, more traditionally shot, meta-movie sequel called "Book of Shadows: Blair Witch 2" that was panned across the board in 2000.

A third movie was discussed by creators Daniel Myrick and Eduardo Sanchez but never materialized.

Twelve years later, there might still be life in it. Sanchez recently told Bloody-Disgusting that he and Myrick have been chatting with executives from horror specialists Lionsgate about co-directing a more direct sequel to the first film than the parody-like off-shoot "Book of Shadows."

"It's completely up to Lionsgate," he explained. "Dan [Myrick] and I are ready to do it. We've been toying around with a sequel idea that we really like. It's just a matter of getting our schedules in line and having Lionsgate sign off on the idea. We're as close as we've ever been to making it happen, but it's still not a guaranteed thing."

One possible catch being that Sanchez doesn't like revisiting the found-footage style. Could that possibly mean a mash-up of "Book of Shadows" traditional look and feel with a better story? Sanchez further explained that he'd want leads Heather Donahue, Joshua Leonard and Michael C. Williams back from the first film in roles he didn't explain, but that he confirmed wouldn't be flashbacks, since the three are now 12 years older than when the team shot "The Blair Witch Project."

"It would be a direct sequel to our film living in that mythology of Burkittsville, being possessed, haunted by something," Sanchez said.