‘A Christmas Story’ sequel in the works with original ‘Ralphie’ Peter Billingsley

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Christmas has come early this year.

Legendary and Warner Bros. are teaming up to make a sequel for the holiday classic, "A Christmas Story." On Thursday, The Hollywood Reporter revealed that the two companies have closed in a deal for Peter Billingsley, the former child star from the 1983 movie that will allow him to also produce.

According to the outlet, the follow-up, titled "A Christmas Story Christmas," is intended for streaming platform HBO Max. It will be directed by Clay Kaytis, who previously did 2018’s "The Christmas Chronicles" for Netflix. The film also has a script by Nick Schenk, who worked on two Clint Eastwood films, 2008’s "Gran Torino" and 2018’s "The Mule."

‘A CHRISTMAS STORY’ STAR ZACK WARD SHARES HIS FAVORITE FACTS ABOUT FILMING THE HOLIDAY CLASSIC

Peter Billingsley sits on Santa's lap in a scene from the film 'A Christmas Story', 1983.  (Photo by Metro-Goldwyn-Mayer/Getty Images)

Billingsley will produce with Vince Vaughn via their Wild West Picture Show Productions. The 50-year-old has since made his mark working behind the scenes as a producer. He previously served as a producer for the Broadway musical adaptation of "Christmas Story," which received three Tony nominations. He’s an executive producer with Vaughn, 51, on Netflix’s animated "F is for Family."

The outlet noted that the upcoming film will take place in the 1970s and show Ralphie as an adult returning to his house on Cleveland Street during the holidays. Production begins in February.

"A Christmas Story" tells the tale of a young boy (Billingsley) living in the 1940s who attempts to convince his parents, his teacher and Santa that a Red Ryder BB gun is all he wants for the holidays. Billingsley was just 12 years old when he took on the role of Ralphie.

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Peter Billingsley arrives at the Academy Of Motion Picture Arts And Sciences 35th Anniversary Screening Of ‘A Christmas Story’ at Samuel Goldwyn Theater on December 10, 2018, in Beverly Hills, California.  (Photo by Morgan Lieberman/Getty Images)

Zack Ward, who played bully Scut Farkus in "A Christmas Story," told Fox News in 2018 that even now, fans still recognize him on the street and aren’t shy to approach him.

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Zack Ward in ‘A Christmas Story’. (YouTube)

"I have a prominent place as that red-headed kid with the funny eyes," he said at the time. "It’s not a level of say, Tom Cruise, but it’s recognizable. I’ve done over 100 films, but I’m always that guy. And there’s just not a lot of redheads on television. So you do stand out when you’re in something. Even if I’m wearing a hat with glasses, if I’m walking down the street or having dinner, people will still come up to me and ask questions about the film. I think it’s very sweet."