The horror movie, greenlit last month by New Line, will be a reimagining of the Wes Craven-created Freddy Krueger series, which centred on a serial killer who attacks his victims in their own dreams.
Bayer has yet to direct a feature film but has an extensive track record helming music videos. His work includes Nirvana's iconic 'Smells Like Teen Spirit' promo and Robbie Willams's 'Angels'. He is also attached to direct noir thriller Fiasco Heights and the Near Dark remake.
Platinum Dunes trio Michael Bay, Brad Fuller and Andrew Form will produce Elm Street from a script by Wesley Strick.