The video's original director, John Landis, is helming the project now that a dispute with the singer's estate has been put to rest, reported New York Daily News.
The revamped short film/music video is expected to be out next year. There is even discussion of its running in theatres, as well as on Blu-ray and promotional outlets yet to be decided.
"That lawsuit went on for so many years, (but) we settled and they paid me finally," Landis said of the legal dispute.
The reported USD 500,000 budget for 'Thriller' was more than 10 times the cost of the average video in 1983. Producers were able to justify Jackson's risky vanity project thanks to the success of the 'Thriller' album's hit songs, which also included 'Billie Jean', 'Beat It' and 'Wanna Be Startin' Something'.
In 2009, the 'Thriller' video was inducted into the National Film Registry by the Library Of Congress - the first music video to receive the honour, which recognises works that are "culturally, historically or esthetically" significant.
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