Fans of "The Lion King" are in for a treat as Disney recently confirmed that the classic animated movie will finally be making its grand return to the big screen.

Through an official press release, representatives from Disney said that the project is indeed on the works and will be a reunion project with Jon Favreau, who is notable for directing the hit movie "The Jungle Book" released last year.

"We can officially confirm that The Walt Disney Studios and director Jon Favreau are putting a new reimagining of 'The Lion King' on the fast track to production. The project follows the technologically groundbreaking smash hit 'The Jungle Book,' directed by Favreau, which debuted in April and has earned $965.8 million worldwide," the press release reads.

Favreau also confirmed the news through a photo posted in social media website Instagram. His post, which shows a notable scene from the film, comes with a caption "Excited for my next project," which further confirms the news that has been circulating online.

The adaptation of the beloved classic will most likely follow the format that made "The Jungle Book" a runaway success.  This means that the film will feature a combination of real-life and computer-generated characters, according to a report from The Hollywood Reporter.

Songs that were popularized from the movie such as "Can You Feel The Love Tonight?" and "Circle of Life" will also be used in the movie thus fueling more nostalgia from viewers who grew up with the beloved classic. With regards to the release date, Disney remains mum as of the moment.

The Lion King is one of the most popular and influential animated films from the Disney franchise. To date, the Lion King has earned $968.8 million on the global box office, won two Academy, two Grammy awards, and was brought into stage where it won six Tony awards. The movie has also been translated into eight different languages and was viewed by more than 85 million people in its various platforms.