Had anyone other than Variety posted this news, I'd have dismissed it as pure crap. However, the venerable movie news bible is reporting that Romero would helm the remake as part of an Italian-Canadian co-production set up by Argento's brother/producer, Claudio Argento.
In a way, this sort of makes sense. Dario Argento was very important in getting Romero's Dawn of the Dead off the ground and running, and the two filmmakers have a lot of respect for each other -- so much so that they teamed up for the Poe-inspired anthology film Two Evil Eyes.
Deep Red was the film that heralded Argento's arrival as a major talent in the Italian horror scene. While he'd made several excellent gialli prior to this film, this was the one where the stylistic flourishes, gore, and crazy stories came together perfectly. Deep Red was the transition film in the filmmaker's career -- and certainly paved the way for Suspiria and Inferno. If all that weren't enough, it was also the film where he first collaborated with Italian prog-rockers Goblin.
Romero tacking a remake of this film should be very interesting. The giallo is a distinctly Italian construction, so I'm curious if an American can actually pull it off. I'm not thrilled about the 3D, but I'll live.
Sources are saying that Dario Argento will have no involvement with the project.