Space Jam 2 Rendering

It's really happening: LeBron James has signed on to star in an upcoming sequel to Space Jam.

The announcement, first reported by The Hollywood Reporter, confirms years of speculation that James would be the likely heir to the Space Jam throne, after Michael Jordan starred in the 1996 feature film. James has a TV production deal with Warner Bros., which owns the Looney Tunes and Space Jam.

The Space Jam sequel will be James' second foray onto the silver screen, after having a significant role in the 2015 hit comedy "Trainwreck." But this will be his first time taking on a leading role.

If the original movie's success is any indication, the Space Jam sequel has a prime shot to be a cash cow for James and Warner Brothers. In 1996, MJ shepherded the movie to $230.4 million in worldwide earnings.

The sequel's director, Justin Lin, also has a strong record for box-office success. He helmed several installments of the Fast and the Furious movie series, and directed Star Trek Beyond, which will hit theaters this summer.

The storyline for the Space Jam sequel is still being written, and James is unlikely to pay it much attention as he leads Cleveland into the second round of the playoffs. But get ready for James and Bugs Bunny to team up in an intergalactic war on the basketball court.

Fans of the original, meanwhile, will have their fingers crossed that the sequel manages to do the film justice.

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