According to The Hollywood Reporter the Evil Dead helmer will not direct the reboot, but will help to oversee the decision as to who does.
Playwright and screenwriter David Lindsay-Abaire (Rabbit Hole) is writing the script, which centres on a family whose house is haunted by furniture-shifting ghosts.
The original Poltergeist was released in 1982. It was directed by Tobe Hooper and it starred Craig T Nelson, JoBeth Williams and Heather O'Rourke.
Raimi is also producing a remake of The Evil Dead, which will be directed by Fede Alvarez and released in April 2013.
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Watch a trailer for the original Poltergeist below: