Best known for launching the career of Jennifer Aniston, Leprechaun was a 1993 horror movie which starred Warwick Davis as the titular creature of Irish myth who embarks on a murder spree to retrieve his pot of gold. It spawned five sequels (including one where he went into space), but nothing has being done with the series since 2003. So of course Hollywood executives think now is the right time to reboot the franchise.
Lionsgate, which will handle distribution, and WWE films (yes this studio does exist, having previously released See No Evil and The Condemned) will co-produce the film which is slated for a 2013 release date. No writer, director, or star have been announced. Though the last I heard WWE had a dwarf, Hornswoggle, on their roster, so I wouldn't be surprised if the project is geared as a starring vehicle for him.
Source: Variety