New Line may have a new horror franchise on its hands.

On the eve of "The Conjuring's" July 19 release, the studio is already developing a sequel to the James Wan-directed horror movie, with original writers Carey and Chad Hayes set to return. The idea would be to base the follow-up (and potentially further sequels) on another investigation by real-life paranormal researchers Ed and Lorraine Warren, who are played by Patrick Wilson and Vera Farmiga in the new film.

“We have Lorraine’s permission and support, and we are working on developing another film,” New Line president Toby Emmerich told Variety exclusively.

Set in 1971, "The Conjuring" centers on the Warrens' attempts to help a family being terrorized by dark forces in their Rhode Island home. Also starring Lili Taylor and Ron Livingston, the film has received strong reviews and looks headed for a big debut at the weekend box-office.

Will you be seeing "The Conjuring" this weekend? Let us know in the comments.