Mike Mitchell (Shrek Forever After) will direct Monster Squad, formerly known as "Nightcrawlers," a supernatural action comedy at Warner Bros. Pictures.
The studio picked up "Nightcrawlers" as a spec script by Brian Lynch in 2000. While the title has changed, the film is not a remake of Shane Black's 1987 film of the same name. Brad Copeland wrote the current script. The studio is targeting a shoot in late summer 2010. Donald De Line is producing.
UPDATE: ComingSoon.net has found a number of synopses for the original "Nightcrawlers" pitch around the 'net including one from The Hollywood Stock Exchange, where the movie has been listed since 2000. They describe it as such:
"Nightcrawlers are a group of kids who must battle the dark demons of the night."
On IMDb Pro, the movie is said to be:
"An action comedy about a neurotic father who faces off against monsters from his childhood."
In both cases, they list different producers and writers than The Hollywood Reporter as well as McG as being attached to direct, although there is a chance that the long-in-development project is now being taken in a different direction. Although it's been said that this isn't a remake of the movie by the same name, at least the first description does bear similarities to the plot of the original movie on Wikipedia.