Halle and her sister, Chloe Bailey -- who make up the singing duo Chloe x Halle -- walked the red carpet in shimmering, bold pink and purple wrap dresses at Variety's Power of Young Hollywood gala at The H Club in Los Angeles on Tuesday, and the duo spoke with ET's Katie Krause about Halle's upcoming role.
"It means so much to me," the 19-year-old entertainer shared. "I feel very honored and really grateful for the opportunity."
"Ariel was one of my favorite princesses growing up so it's a dream come true," she added with a gleaming smile. "I'm very excited and happy."
As for her sister, Chloe said that getting to see Halle show off her acting skills and on-screen charm "means the absolute world to me."
"My sister is so incredibly talented and I can't wait for the world to see what I see every single day," Chloe, 22, marveled. "I am just so proud of her. It's going to be really good."
While Halle couldn't give much away in terms of what fans might be able to expect -- including whether or not she'll be donning the character's iconic red locks for her take on the eponymous mermaid -- she did say she's most excited to sing "Part of Your World" and promised that the project is "going to be very amazing and beautiful."
When asked about the actors who could possibly play Prince Eric in the film, Bailey said, "Oh, I don't mind."
"I think that anyone would be great for it," she continued with a laugh.
When asked about the Idris Elba casting rumors, she added, "I mean he's awesome."
ET was with McCarthy on Monday at the Hollywood premiere of her new film The Kitchen, and she teasingly played coy about the swirling casting rumors.
"Who's Ursula?" McCarthy asked, blatantly feigning ignorance but with a knowing smile.
"But am I interested? I'm very interested," she quickly added, before overtly winking to the camera several times with a sly smile. Check out the video below to hear more on the upcoming live-action remake.