This one is strictly a rumor with very limited credibility, but we certainly like the idea.
A Nightmare on Elm Street remake has been discussed of late with perennial horror remake producers Brad Fuller and Andrew Form (2003's The Texas Chainsaw Massacre, 2005's The Amityville Horror) currently trying to set up the project.
The rumors of Billy Bob Thornton being considered to play the scorched-face dream killer Freddy Krueger have been circulating for a few weeks now, although they were likely born out of fans hoping for such an inspired casting choice rather than any firm casting decisions.
On the positive side, fan favorite casting rumors have led to actual casting decisions in the past, so don't lose hope. Christian Bale, now considered by many to be the finest example of Batman, was purely a fan fave for years before Christopher Nolan officially made him the offer for Batman Begins.
So we Nightmare on Elm Street fans say it here, to whoever should end up producing and directing the remake. We want Billy Bob. Now make it happen!