Stephen King is set to scare again - while taking home a decent pay cheque with the release of a new movie and novel.

The author announced on Twitter the publication of his next book, The Institute, and the release of It: Chapter 2, the sequel to the 2017 hit, according to Fox News.

Reports state that the upcoming novel centres on a sinister institute populated by children with unique talents. Meanwhile, his clown-centric film could break the US box office record for the highest-grossing R-rated horror movie.

The success of It, adapted from his 1986 novel, doubled King's earnings after he collected an eight-figure paycheck from the film, according to Forbes.

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The Warner Bros. horror flick grossed more than $1.5 billion worldwide on a $52.7 million budget.

Swedish actor Bill Skarsgard as Pennywise the Clown in a scene from It. Photo / Supplied
Swedish actor Bill Skarsgard as Pennywise the Clown in a scene from It. Photo / Supplied

In 2018, King earned $42 million, making him the third highest-paid author of 2018 and earning more than $696 million in his entire career.

According to Fox Business, King's top 10 earning movies are:

1. It (2017): $1.20 billion

2. The Green Mile: $361.7 million

3. The Shining: $226.7 million

4. Carrie (1976): $219.3 million

5. Misery: $200 million

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6. Pet Semetary (1989): $198.2 million

7. Stand by Me: $194 million

8. 1408: $144.4 million

9. The Running Man: $133.9 million

10. The Lawnmower Man: $107.5 million.