Earlier today we wrote about Tom Cruise being confirmed to star in Guillermo del Toro’s next film, At the Mountains of Madness. Producer Don Murphy claims that the movie is set to begin shooting this June, but we’ve come across a conflicting report that negates his logic. According to Deadline, Madness hasn’t been given the greenlight by Universal and Legendary Pictures is competing with the studio to snag the director for their project Pacific Rim.

Pacific Rim is a PG-13 tentpole based on a 25 page treatment written by Travis Beachmam, who also penned the screenplay. Even though At the Mountains of Madness has been speculated as del Toro’s latest feature, nothing is set stone. Therefore, Legendary has a good chance of snatching him up for Rim.

One of the reasons Universal is taking their time with green lighting Madness is because of its budget. The studio doesn’t feel comfortable coughing up $150 million for a horror fantasy with an R rating. It would have to generate $500 million in worldwide grosses for the studio to earn its money back, and quite frankly, we don’t see that happening.

What do you think of Universal’s apprehensive behavior? Do you think del Toro should direct Pacific Rim instead?