By Sonya Magett, EnStarz | Jul 18, 2012 11:41 AM EDT
Tom Hanks had previously revealed that "Toy Story 4" was in development.
In an exclusive video interview with BBC last year, the Oscar winner had shared that his new granddaughter can expect the fourth installment of the "Toy Story" franchise.
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During the interview, Hanks said that "Toy Story 4" was "being worked on."
When asked whether his granddaughter can expect another Toy Story movie, Hanks replied in his character Woody's voice: "I think there will be, yeah. I think they're working on it now."
Disney is also introducing another new storyline for the film series' characters, a space adventure featuring Buzz Lightyear and space-suit clad Woody and Rex blasting off to fight the evil Zurg, to be featured in new toys and a digital book, according to Huffington Post.
"Toy Story 3" won an Oscar for Best Animated Feature and had a global box office take of $1,063,171,911.
It has also been reported that a sequel to "Finding Nemo" is in development also. A director has reportedly been selected for "Finding Nemo II".
Pixar has already confirmed that they are developing a prequel to its hit 2001 film "Monsters Inc." "Monsters University" is set to be released on June 21, 2013.
Earlier this week, reports emerged that "Finding Nemo II" is being pursued by Disney-Pixar and that original director Andrew Stanton will be returning for the sequel.
The original film, about the adventures of a little clownfish, made $865 million at the box office and won an Oscar; Finding Nemo 3D is already in progress, which will test the waters for the rumored sequel, according to Independent.
Numerous industry outlets have reported on Stanton's selection as director but Disney and Pixar are refusing to comment on the film's development.
"Toy Story 3" had the highest opening day gross for an animated film on record. "Toy Story 3" grossed over $1 billion, making it the seventh film in history, the second Disney film in 2010, the third Disney film overall, and the only animated film to do so.
"Toy Story" is the 15th highest-grossing franchise of all time, and the third highest-grossing animated franchise worldwide behind "Shrek" and "Ice Age."
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