Guillermo del Toro has come on board to executive produce Jorge Olguin's horror film "The Call of the Sea."

The film, which marks Chilean helmer Olguin's third feature, stars Leonor Varela ("Innocent Voices") and Santiago Cabrera ("Empire"). Chile Films is financing.

Penned by Olguin, "Call of the Sea" is based on a legend about a ghost ship that navigates the cold waters of a mysterious Chilean island in search of the souls of local fisherman. The story centers on a marine biologist (Varela) who discovers that many of the legends are related to her family's past.

Del Toro became involved in the project after reading the screenplay and deciding that the film was an important entrant in the Latin American horror/fantasy oeuvre.

A pioneer of the Latin American horror/fantasy film, Olguin's credits include 2000's "Angel negro" and 2002's "Sangre eterna," which revolves around a group of teenagers who become addicted to a vampire role-playing game.

"Call of the Sea" will feature elements of magic and fantasy using state-of-the-art digital CGI effects, models and special effects makeup.

Olguin is repped by Original Artists and manager Dave Brown of Benderspink.