UPDATE: 'Labyrinth' Sequel Moves Forward with 'Guardians of the Galaxy' Co-Writer

Update: Nicole Perlman clarified that her "Labyrinth" movie will not be a reboot.

Original story: "Guardians of the Galaxy" co-writer Nicole Perlman will pen the script for Tri-Star's "Labyrinth" reboot. According to The Hollywood Reporter, Tri-Star recently struck a deal with Jim Henson Co., which will allow them to produce a new iteration of the cult classic film. It is unclear at this time if the film will reimagine the original or act as a sequel.

While a financial disappointment upon its release in 1986 (the film made $12.7 million on a budget of $25 million), the original film starring Jennifer Connelly and the late David Bowie has experienced a resurgence in popularity and become a cult classic.

Directed by Jim Henson, the original "Labyrinth" follows 15-year-old Sarah in her effort to reach the center of an enormous otherworldly maze to rescue her infant brother from the Goblin King. Monty Python's Terry Jones penned the script and George Lucas executive produced the 1986 film.

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