Leonardo DiCaprio, Andy Muschietti partnering for new 'The Time Machine' film

Oscar winner Leonardo DiCaprio will be teaming up with director Andy Muschietti for a new adaptation of H.G. Wells' novel "The Time Machine".

Published in 1895, the novel tells the story of a time traveller who visits the year 802,701, where he encounters two major post-human races that occupy the Earth.

According to The Hollywood Reporter, Muschietti, best known for helming horror blockbuster "It", will direct the project, and produce along with his sister Barbara Muschietti.

DiCaprio will also produce the film alongside his Appian Way partner Jennifer Davisson.

The director is currently working on the "It: Chapter 2" and also has Warner Bros feature "Attack on Titan".

Wells' book was previously adapted twice for the big screen.

Simon Halls directed the most recent adaptation, which was released in 2002 and starred Guy Pearce in the lead.