With the Paramount and Warner Bros. Discovery deal on pause, it seems both studios are set to become rivals over something unexpected – the “A Nightmare on Elm Street” franchise.

Earlier this month came the news that Paramount Pictures had closed a deal for a new take on the Wes Craven classic to be released via its new Paramount Primal genre label.

The deal was made with Craven’s estate for the U.S. rights to Craven’s original screenplay for the 1984 first film, rights they reobtained under copyright law. However, previous rights holder New Line Cinema (owned by Warner Bros. Discovery) retains the international rights.

Now, Puck News reports that, according to sources, Warners is looking into making their own “Elm Street” film and is in talks with Lee Cronin to produce, write, and direct.

Their sources indicate Paramount expected that the deal would be closed in time that Warners would then have to release the Paramount version overseas. But with the deal now on hold for almost a year, Warners seems to be moving fast on this.

They’re already one step ahead, locking down Cronin while Paramount has yet to set a filmmaker. Paramount does have an ace up their sleeve – Craven’s widow Iya Labunka, and son Jonathan Craven are producing alongside Marc Toberoff and “Barbarian” duo J.D. Lifshitz and Raphael Margules as executive producers.

Warners reportedly did approach the Craven estate about their project, but the studio wasn’t going to agree on a “very aggressive back-end split with the rights holders”.

Warners, however, does have some advantages. Paramount’s deal essentially confines that film to essentially a shot-by-shot remake, can only be released in the United States, and can’t exploit any merchandise. Warners has no such restrictions.

For now, it’s a race. May the best Krueger win.