The long-anticipated third installment of "The Princess Diaries" series was officially approved yesterday. The first two of the film franchise, inspired by Meg Cabot's young adult novel of the same title, features Anne Hathaway in the lead role. Hathaway has confirmed she will return as the beloved Princess Mia of Genovia, thrilling fans of the series.

According to Variety, Debra Martin Chase, the original producer of "The Princess Diaries" films, is back to produce the third installment with Hathaway also producing under her own company, Somewhere Pictures. Late Friday night, Hathaway announced the news on Instagram through a selfie video that included clips from the first two movies, where she playfully repeated the iconic "Shut up!" line. 

The film has supposedly been in development for two years. Last year, in an interview with V Magazine, Hathaway shared an update, saying, "We're in a good place. There's nothing to announce yet. But we're in a good place." It now seems the project has made even more progress and is moving forward.

"The Princess Diaries" centres on Mia Thermopolis, a teenager who learns that her long-lost father is the king of a fictional realm known as Genovia. When her grandmother, portrayed by Julie Andrews, reveals this information, Mia is compelled to leave her urban lifestyle behind and embrace her new identity as a princess.

A new director will take the reins for the third installment. Adele Lim, renowned for directing "Crazy Rich Asians", is set to direct "The Princess Diaries 3". 

"As a diehard fan of the original 'Princess Diaries', I'm beyond excited to be a part of bringing the third iteration of this beloved franchise to life. We look forward to celebrating its core tenants of female power, joy and mentorship with audiences worldwide," Adele expressed in a statement shared by Variety.

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Filming for the movie is scheduled to begin this year, but a release date has yet to be announced.