'Toy Story 5' In The Works; Tom Hanks, Tim Allen Being Tapped To Reprise Roles

Tom Hanks and Tim Allen could reprise their roles as Woody and Buzz Lightyear in a new "Toy Story" movie.

Allen shared an exciting update about the much-anticipated "Toy Story 5" during an appearance on "The Tonight Show" ahead of Thanksgiving.

The actor confirmed Disney CEO Bob Iger's announcement earlier this year about the sequel and shared that the studio has reached out to both him and Hanks to star in the fifth installment of the franchise.

Allen also revealed that "one of the creators of the original series" is involved in crafting the script, although the specific creator's identity remains undisclosed for now.

While Allen expressed some hesitancy about returning for another "Toy Story" film, questioning whether four movies were already too many, he acknowledged that the writer working on the new installment is someone who "wrote one of the better ones" and insisted on getting it right.

"For people like me, it's just like -- I'm a sci-fi buff. You wonder if four was too many, is five too much?" he asked before adding, "According to the scuttlebutt, the writer that's doing it wrote one of the better ones and said, 'If I didn't get this right, I wouldn't do it.' It could be a very, very interesting way to reunite it."

Allen did not share any other detail about "Toy Story 5," noting that the studio is "not saying anything about it."

But his comments hint at the potential for a fresh and intriguing addition to the beloved franchise.

Iger had announced in February, during a quarterly earnings call, that Disney was developing new sequels for successful franchises, including "Toy Story," Entertainment Weekly reported.

Iger stated, "We'll have more to share about these productions soon," emphasizing the company's commitment to leveraging its successful brands and franchises.

The decision to revisit animated juggernauts like "Frozen," "Toy Story" and "Zootopia" aligns with Disney's strategy to capitalize on the success of these franchises.

Each of these films has not only been a box office hit but has also expanded into various forms of entertainment, including sequels, spin-offs, and theme park attractions.

The "Toy Story" franchise has enjoyed massive success since the original film's release in 1995. "Toy Story 4" received widespread acclaim and crossed the $1 billion mark at the global box office after it was released in 2019, according to Variety.