The reboot will also star Josh Gad, who confirmed the news via Instagram on Wednesday.
Looks like Rick Moranis is headed back to the Honey, I Shrunk the Kids franchise!
ET has learned that the 66-year-old actor will be returning in Disney's upcoming Shrunk reboot.
According to The Hollywood Reporter, the Joe Johnston-directed movie will star Josh Gad as the son of Moranis' character, Wayne Szalinski. The outlet also reports that David Hoberman is producing the reboot, with Todd Rosenberg writing the script.
"Been sitting on this one for quite a while. To say it is a dream come true to once again see Rick Moranis on the big screen is the understatement of the decade," Gad wrote on Instagram following the news. "But to say, I get an up seat view of him returning to play one of his most iconic roles is the understatement of the Century. It's Shrinking time. Welcome back hero! #Shrunk."
Moranis starred in the 1989 original film, as well as the 1992 sequel Honey, I Blew Up the Kid, and 1997's Honey, We Shrunk Ourselves. The actor, who has also starred in films like Ghostbusters and Little Giants, previously explained why he decided to take some time off from acting after his wife, Ann, died of breast cancer in 1997.
"I took a break, which turned into a longer break. But I'm interested in anything that I would find interesting," he told The Hollywood Reporter in 2015. "I still get the occasional query about a film or television role. As soon as one comes along that piques my interest, I'll probably do it."
"I was working with really interesting people, wonderful people," he said of his career prior to his wife's death. "I went from that to being at home with a couple of little kids, which is a very different lifestyle. But it was important to me. I have absolutely no regrets whatsoever. My life is wonderful."