Billy Abbott will be recast on The Young and the Restless after all!

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Back in October there was speculation that current Billy Abbott portrayer, Burgess Jenkins, got axed and Jason Thompson, known for his role on General Hospital, would take over the role.

Entertainment Weekly confirmed the speculation Thursday: Thompson would be taking over as Billy Abbott.

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"I feel so lucky to have the opportunity to work with Jason again," executive producer Jill Farren Phelps said.

She previously worked with Thompson on General Hospital.

"He's an exceptional actor and a wonderful human being. He will bring so much to the character and we're thrilled to welcome him to The Young and Restless family," she added.

Six adult male actors will officially have portrayed Billy Abbott, including Thompson come January, starting with David Tom. Tom actually portrayed this Abbott twice; once between 1999 and 2002 and then a second time in 2014 before Jenkins came on.

Thompson seems to be looking forward to taking on the role.

"Thank you for having me," he gushed on Twitter.

We want to know what you, the loyal viewers of The Young and the Restless, think of the recasting--take our poll below!

Are you happy Jason Thompson will be portraying Billy Abbott on 'The Young and the Restless' once Burgess Jenkins departs from the soap opera?