Megan Fox in ‘Jennifer’s Body’ (2009). PHOTO: DOANE GREGORY/FOX ATOMIC/KOBAL/SHUTTERSTOCK

Jennifer’s Body might live to see another day.

Screenwriter Diablo Cody, whose newest film Lisa Frankenstein is out next week, tells PEOPLE she is hopeful a reboot or sequel to the 2009 Megan Fox movie “will happen” soon.

“I think something will happen, I do. And I’m excited about it,” she says. “But it’s one of those things where you’re constantly having to push. There’s a lot of content out there right now and a lot of people trying to remake existing IP.”

“Even with the new appreciation for Jennifer’s Body, it’s sometimes hard in a business where people just look at numbers,” explains Cody of the film, which performed poorly at the box office upon release but has since gained popularity and cult-classic status. The film marked her anticipated follow-up to her Oscar-winning debut, Juno.

“It’s challenging, because they go, ‘But the movie didn’t do well.’ And it’s like, ‘Yeah, but everything’s different now. So believe in me,’ ” says Cody, 45. “The Buffy the Vampire Slayer movie didn’t do well either, and then look what the series did.”

Diablo Cody. ANDREW MORALES/GETTY

In Jennifer’s Body, Fox stars as the titular high-school cheerleader, who — after falling victim to a satanic ritual orchestrated by an aspiring rock band — becomes possessed by a demon and feeds on boys. Her best friend Needy Lesnicky (Amanda Seyfried) takes it upon herself to stop Jennifer’s rampage.

Cody says after Jennifer’s Body, directed by Karyn Kusama, wasn’t initially well received she thought she couldn’t revisit the same horror-comedy genre again.

However, the belated love for the movie gave her the confidence to take another stab with Lisa Frankenstein, which stars Kathryn Newton and Cole Sprouse and taps into the same teen horror realm.

“Jennifer’s Body, when it came out, the movie was not a success. And that was incredibly painful for me, because I loved that movie and it was such a personal project for me,” the Oscar-winning Juno writer tells PEOPLE. “I was badly injured.”

“So I thought to myself, ‘I always wanted to write a movie in that kind of horror-comedy space, but I guess I failed at it. So I’m not going to do that anymore,’ ” she recalls. “Then years passed, and suddenly people began to embrace that movie, and now the movie has a fan base. That was so invigorating to me and so exciting.”

Adds Cody, “I thought, ‘Okay, I’m going to go back to that world. I’ve always wanted to, and now I feel like I have permission to do that.’ “

If Cody were to make Jennifer’s Body today, would she do anything differently with the material?

“The only thing that I would do today — because I could — is I would love there to be a more overtly queer relationship between Jennifer and Needy,” she says. “At the time, the furthest we could go with the studio film was the kiss, and now I think you could really allow those characters to be who they were. But that’s the only change I can think of.”

Megan Fox and Amanda Seyfried in “Jennifer’s Body” (2009).

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While its unclear what the new Jennifer’s Body would turn out to be, Cody says Fox, now 37, will always be the “ultimate Jennifer.” The pair have stayed in touch over the years, and the actress has expressed in previous interviews that she considers the movie her “favorite” project.

Megan Fox in “Jennifer’s Body” (2009).JAMES DITTIGER/FOX ATOMIC/KOBAL/SHUTTERSTOCK

“I have her poetry book. I think it’s amazing. I actually think it’s so beautiful; she’s always been a great writer. She’s such an articulate, interesting person,” says Cody. “We are still in touch. I will always be intimidated by Megan because she’s just iconic.”

“That’s the thing with me and actors, I never really get past my… I continue to be starstruck even at this stage of my career, because what they do is so cool,” jokes Cody. “And she’s so pretty, oh my God!”