This would be the second time in recent years Universal has dipped into their Classic Monster franchise, in hopes of revamping the property. The 1999 and 2001 Mummy features both did respectable business at the box office. (I'm not, however, going to consider the craptacular "Van Helsing" as part of the equation.) Both the original Mummy and Wolf Man characters were based not on literary properties but made up whole-cloth by Universal screenwriters of the day, as was the Creature from the Black Lagoon, which is also in development as a remake.
One bit of encouraging news: the new "Wolf Man" will follow the pattern of Peter Jackson's "King Kong," and retain the Victorian-era period of the original, rather than attempt a modern-day retelling.
IMDB lists Andrew Kevin Walker as writer for the project. He's no stranger to the horror/thriller genre, as his previous credits include "Sleepy Hollow," and "Se7en," not to mention an episode of "Tales from the Crypt."