'A Christmas Story' Sequel Is a Go at HBO Max With Peter Billingsley Starring and Producing

The sequel will follow Billingsley's lovable character, Ralphie, as an adult in the 1970s.

We triple-dog-dare ya not to get excited about this. ET can confirm a sequel to A Christmas Story has received the green light at HBO Max.

Legendary and Warner Bros. Pictures have closed a deal for Peter Billingsley to star in and produce the sequel dubbed A Christmas Story Christmas. ET has also learned Nick Schenk (Gran Torino, The Mule, Cry Macho) will serve as an executive producer. He also wrote the script. Clay Kaytis (The Christmas Chronicles, The Angry Birds Movie) is set to direct. Billingsley and his longtime friend, Vince Vaughn, will also serve as executive producers through their Wild West Picture Show productions company. Cale Boyter and Jay Ashenfelter will oversee for Legendary.

The sequel will follow Billingsley's lovable character, Ralphie, as an adult in the 1970s. He returns to his childhood home on Cleveland street to deliver his kids a magical Christmas, just like the one he had growing up. According to Variety, production's set to begin in February in Hungary.

A Christmas Story, released in 1983, was set in the 1940s, with Ralphie on a mission to get his hands on a Red Ryder BB rifle. Billingsley was only 12 when A Christmas Story premiered in theaters. He's now 50, and a successful Hollywood producer. He also produced the Broadway musical A Christmas Story the Musical, which earned three Tony Award nominations. Along with Vaughn and their production company, Billingsley also produced The Break-Up, Four Christmases, Couples Retreat and F is For Family.

Peter Billingsley poses for a photo outside at NASDAQ MarketSite on December 13, 2013 in New York City. - Getty

For fans of Christmas classics, it's been one incredible month so far. Just last week, Disney+ announced Tim Allen will reprise his iconic role as Scott Calvin from The Santa Clause for a new Disney+ Original limited series.