Back in the halcyon days of 1998, after a solid year of relentless blockbuster hype, Sony Pictures released an American remake of Godzilla, one the studio was confident would be the start of a long-lived, lucrative new franchise.  That didn't exactly work out, but Legendary Pictures is undaunted by that failure, and has been developing a new Godzilla remake that would hopefully correct the missteps made by Roland Emmerich and Dean Devlin last time.  The epic project has just snagged itself a new screenwriter, THR's Heat Vision reports, as Legendary has hired up and comer Max Borenstein to develop a new draft of Godzilla.

Gareth Edwards, who recently brought us the creepy sci-fi drama, Monsters looks to be the man taking over the planned Godzilla reboot. Doom scribe, David Callaham had been writing a script for the picture, but it looks as though Edwards will step in to do that job, then direct the picture.

Eyes are set on a summer 2012 release date, but given the state of early post production, time could end up a serious factor in the process.

Gareth Edwards’ first feature Monsters has been earning quite a bit of praise from critics, and is currently enjoying a solid run On Demand. The film (which stars Whitney Able and Scoot McNairy) is a post apocalyptic chiller that sees two healthy individuals forced to trek through a quarantined zone six years after an alien invasion has left the world in shambles.

The new teaser trailer for Gareth Edwards' low-budget wonder Monsters has just premiered at Apple.com, and it's definitely worth a look, so peep it below. Monsters, in case you're unfamiliar, was shot by newbie director Edwards for peanuts; the sci-fi movie utilized a two-man crew and a store-bought digital camera, while boasting realistic yet homemade special effects. Apparently, it cost somewhere in the neighborhood of under $10,000 to make. (And if you're thinking it's just another Paranormal Activity, check out the trailer to find out you're way off.) The flick, which has understandably drawn comparisons to District 9 (in terms of story), premiered to rave reviews at this year's South By Southwest Film Festival and has steadily gathered excited buzz ever since.

Magnolia Pictures/Magnet have released the third trailer for Gareth Edwards’ new low budget festival hit Monsters. Check it out below and leave your thoughts and comments!

Synopsis: Six years ago NASA discovered the possibility of alien life within our solar system. A probe was launched to collect samples, but crashed upon re-entry over Central America. Soon after, new life forms began to appear and grow. In an effort to stem the destruction that resulted, half of Mexico was quarantined as an INFECTED ZONE. Today, the American and Mexican military still struggle to contain the massive creatures… Our story begins when a jaded US journalist (McNairy) begrudgingly agrees to find his bosses daughter, a shaken American tourist (Able) and escort her through the infected zone to the safety of the US border.