Space Jam 2 was officially announced via an Instagram post from SpringHill Entertainment, a production company founded by James and Maverick Carter. The film will co-star Bugs Bunny, of course, and be directed by Terence Nance, whose Random Acts of Flyness emerged as a sleeper hit for HBO this summer. Black Panther director Ryan Coogler will be a producer of the film.

https://www.instagram.com/p/Bn6y1Z-gf-6/

Space Jam starred Michael Jordan in a live-action/animated film that mashed up Looney Tunes characters with basketball stars and aliens. It was panned by critics, receiving a 38% approval rating on Rotten Tomatoes, but proved to be a box-office hit with global receipts totaling nearly $230 million, according to BoxOfficeMojo, which ranks it as the top-grossing basketball film of all time.

Space Jam 2 has been in the works for some time, with Fast & Furious director Justin Lin initially expected to direct as recently as last year. Nance was reportedly tapped to direct last month. An ESPN reporter said on Twitter that the new film will not be a sequel and that there have been talks to bring Michael Jordan into the new movie.

Space Jam 2, while a part of the Space Jam franchise, is not considered a sequel, a source familiar with the production told ESPN. However, there have been discussions in involving Michael Jordan in some way. At this point, Jordan’s level of involvement is to be determined.

— Dave McMenamin (@mcten) September 19, 2018

The reaction of Space Jam fans to the news on Twitter was nothing short of ecstatic.

https://twitter.com/davidehrlich/status/1042495283265986561

The director of Black Panther is going to be producing Space Jam 2 this is the timeline we are living in holy hell pic.twitter.com/m2izUGVizE

— Mica Burton (@MicaBurton) September 19, 2018

How my grown self with no kids will be watching Space Jam 2 pic.twitter.com/f5F11OCLdb

— Jonathan Bailey (@JonathanB_ailey) September 19, 2018