Variety’s “Insider Express” reports that the self-proclaimed hit maker will next turn his sights to 1959’s Plan 9 From Outer Space, updating the milestone film for a new generation but promising to “honor the original’s spirit…”

After months of negotiations with the Ed D. Wood, Jr. estate, Bay’s production company is moving ahead with development of the project and eyeing an early 2009 release.  “There is no better way,” a press release dated yesterday states, “of commemorating this landmark film than by paying homage to it on its fiftieth anniversary.”

News of the remake has sent ripples throughout both the science fiction and horror communities as it’s well known that Wood’s film combined elements of both genres in a unique blend:  the story concerns an alien invasion that hinges on the resurrection of the dead.  Bay has claimed that, "The time has come to revisit this visionary combination.  In a day and age when the zombie film remains a strong box office draw and pop culture has seen phenomena such as The X Files and Independence Day, we're confident that fans will flock to see a 'Plan 9' that updates a classic of yesteryear with a contemporary sensibility."

As for the casting of principals, industry insiders say that Seth Rogen is in talks to tackle the part of the police detective originated by Tor Johnson.  In some quarters fans have been expressing doubts that Rogen, a comedic actor, can take on the gravity (and girth) demanded by the role.  Carmen Electra has been mentioned for the non-speaking part previously brought to life by Vampira, another controversial decision and one that is sure to anger fans of the late TV host.  The all-important role of the “Old Man,” which was first played by Bela Lugosi, is apparently still up in the air.  However, here at Firefox News we’re hoping there’s truth to the rumors that Martin Landau, who won an Oscar playing Lugosi in Tim Burton’s Ed Wood (1994), can be persuaded once more to portray the screen legend.

“This was always an excellent, excellent film,” Bay is quoted as saying of the original.  “That’s why it’s so legendary.  But let’s face it, the effects budget was minimal.  In the twenty-first century we can now deliver an experience that fully captures the vision of this important American auteur.”