The film was already a reboot of the 1941 classic by the studio, which starred Lon Chaney as a salesman-turned-werewolf after being bitten on his travels.
The Wolfman saw del Toro playing a man out to get vengeance for his brother's death before discovering that he is a werewolf.
Universal has provisionally titled the film Werewolf and aims to start shooting this autumn, according to Moviehole.
The Wolfman released last year had a shaky start, with director Mark Romanek pulling out in 2008 before being replaced by Joe Johnston.
Watch the trailer for The Wolfman below: