According to a press release issued by New Line, Coscarelli has agreed to produce the remake. The studio views this new "Phantasm" as a way to relaunch that particular film franchise.
The new "Phantasm" movie will bring the story forward to 2006.
"Phantasm" - The Official Synopsis
"'Phantasm" revolves around the evil 'Tall Man' who moves from small town to small town, turning the local dead into slaves as he prepares for an otherworldly invasion. Armed with his deadly Silver Spheres, an army of shrunken warriors and half-man/half-machine constructs, the Tall Man will stop at nothing short of domination over our space and time. It's up to Mike - a young boy with signs of growing psychic power himself - his older brother Jody, and the local ice cream man to uncover the plan and save our dimension from annihilation."
Source: New Line Cinema