The Hollywood Reporter suggests the project could be the filmmaker's follow-up to "Crimson Peak" now that the sequel to "Pacific Rim" has been shelved.
Produced by James Cameron's Lightstorm Entertainment, the remake has been in the works since 2010, with Shawn Levy at one point attached to direct.
The project picked up steam in 2014 with the addition of writer David S. Goyer, who worked with del Toro on "Blade 2." The two will reportedly work together to develop the script.
The original film follows the members of a submarine crew who shrink down to microscopic size to enter the body of an injured scientist and repair the damage to his brain.
There's no date set for the remake, which THR says Fox views as "an event-sized tentpole."