The NeverEnding Story, long a children’s classic both in books and film, might be getting a reboot amidst a fierce bidding war and competition by leading streaming networks and Hollywood studios.

The American film, The NeverEnding Story, was released in 1984 and based on a children’s novel by late German author Michael Ende. The film was co-written and directed by the late Wolfgang Peterson, and though released nearly four decades ago, it remains a popular fantasy movie that has historically appealed to both children and adult audiences.

RELATED: The Boys Dropped A-Train's Full-Length Parody Of Kendall Jenner Pepsi Ad

According to Deadline, several studios both in the U.S. and abroad are currently offering multi-million dollar deals to German firm AVA, who manages Ende's estate, to procure the necessary rights to work with Ende's material. A reboot could be streaming gold, appealing to both younger audiences as well as Gen X-ers and Millennials, who will no doubt be interested due to their nostalgic love of the 1980s original. The frame of the movie, set in the real world, follows a young boy, Bastian (Barret Oliver), who finds a magical book and story that tells the adventures of a brave warrior, Atreyu (Noah Hathaway), as he battles evil forces in the land of Fantasia amid monsters and fantastical creatures to rescue the Childlike Empress (Tami Stronach).

The NeverEnding Story Atreyu and Falcor

While the first film was adapted from only the first half of Ende's work, a sequel followed for the second half, The NeverEnding Story II: The Chapter Continues (1990). A third installment, NeverEnding Story III: Escape from Fantasia (1994) was an original story based on Ende's characters and world. Over a decade ago, Warner Bros, who released the original films, was in discussion, along with Leonardo Di Caprio's Appian Way, for a possible reboot, but could not reach an agreement with Ende's estate.

The appeal of The NeverEnding Story as material no doubt lies in its nature as a rich fantasy tale that incorporates many popular tropes of the fantasy genre, including the dedicated hero, the endangered princess, mythical and fantastical creatures, and foreboding dark forces. With many other films and series reviving the genre of children’s fantasy like Amazon Prime Video's recent Tolkien-based hit The Rings of Power, the entertainment world feels primed for more. The 1984 film has also gotten some buzz and renewed attention after its theme song appeared in a pivotal moment in season 3 of Netflix's Stranger Things.

While the late Ende himself was reportedly unsatisfied with the Warner Bros. adaptation of his work, calling it “gigantic melodrama of kitsch, commerce, plush and plastic,” hopes for a new adaptation could prove fruitful for both his estate and for whichever streaming service manages to land a successful deal.

The NeverEnding Story (1984) is available on Amazon Prime Video.

MORE: Why Evil Dead Is A Horror Remake/Reboot Done Right

Source: Deadline