The horror director told Moviehole that it was difficult to get anyone to make the original "avante-garde" film and that Bob Shaye was the only person "that right away got it".
Craven said: "When I did sell it, sold the script, I sold it outright. That was his insistence. I had no choice, otherwise, the film wouldn't have been made.
"So unfortunately, I don't have any ownership in it whatsoever, so they can do whatever they want with it, which is what they're doing. I haven't heard from them at all.
"They're basically just doing a remake. That's all I know. That'd be a tough one to re-see."
He added: "You know, it's had his life. And if they make a better film, maybe it will eclipse the original. I don't know. If they don't, then the original will look even better."
He added that he found it hard to watch Scary Movie, which he said "took my shots" and made him the "laughing stock of it".
Original Freddie Krueger actor Robert Englund has confirmed that he will not reprise his iconic role in the Samuel Bayer-helmed remake.