There can be only one! The duel between remakes of A Nightmare On Elm Street is over.
One has been cancelled. Originally there were two, due to the messy rights issue. Paramount bought the rights to Wes Craven’s original screenplay and intended to remake it and release via a genre label.
Meanwhile, original distributor New Line Cinema had the international rights from their legacy of distributing the original franchise.

They kickstarted their own movie with Lee Cronin circling as writer / producer / director.
The Paramount Skydance deal for Warner Bros being delayed meant both progressed. Then, the culls started when the deal went through, and something had to give.
A report at Dread Central says the one that has been sacrificed is the New Line project. Paramount will move forward.
Iya Labunka, Jonathan Craven, and Marc Toberoff are producing the surviving Nightmare.