Good news, folks - it seems like "23 Jump Street" is happening.

Deadline reports that Rodney Rothman, co-writer of "22 Jump Street" has been tasked to write the screenplay for the third installment of the franchise. Phil Lord and Chris Miller will be overseeing the script development process as producers, alongside Neal Mortiz and the film's stars, Jonah Hill and Channing Tatum. 

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Directorship of the movie has yet to be determined, however, management reportedly told Lord and Miller that the job is theirs "if they want it".

However, Lord and Miller's interest in directing the movie is in question as they actually considered not being part of "22 Jump Street" until the script changed their minds.

The two have also been rather busy with a lot of television projects recently, including "Last Man on Earth" and, a reboot of "Greatest American Hero". The duo have also stated that they want to take a break after working on "The Lego Movie" and "22 Jump Street", leading them to turn down an offer to direct a possible "Ghostbusters 3" movie.

News of the new sequel comes as an ironic twist after the end of the second installment featured a barrage of potential installments of the movie, seemingly making fun of Hollywood's penchant for making an endless number of installments on movie franchises.

A third sequel doesn't come as much of a surprise though. "22 Jump Street", which opened in theaters last June, made US$57 million in its box office debut, eventually making a total of US$190 million in the United States and US$319 million worldwide.

Star Tatum joked that he and Hill would only do "23 Jump Street" under certain conditions, which includes being able to do "The Fugitive" shot per shot and line per line.

Tatum also gave his opinion about sequels, sharing "One of our biggest jokes is that we make fun of ourselves for making a sequel, because sequels suck for the most part -- and I'm making another one, I'm trying to make one out of "Magic Mike", it's hard -- so we tried to make fun of ourselves that if we make another one we're the lamest people in the world," he joked.