Princess Diaries fans, your wish has been granted: A third movie is rumored to be in the works!

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Update: Not so fast! EW reports that a source at Disney tells them The Princess Diaries 3 is not happening. No! The good news is that Disney is now aware of how badly people want to see a third installment.

In fact, this morning’s exciting news led us to come up with three ways Disney could successfully pull off Princess Diaries 3.
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The Tracking Board — a sometimes-reputable source concerning development deals — reports that Disney has “officially” decided to move forward with The Princess Diaries 3. Debra Chase, who produced the first two movies, is returning for the third.

The report adds that “the film may or may not include Hathaway, with an intention to launch a reboot of the franchise.”

Calling it The Princess Diaries 3 probably wouldn’t make much sense if they want to reboot it, so they’ll have to think of a new title like “The Princess Diaries World” (entirely our guess based on the recent success of Jurassic World).

If this report is true, Disney must be hoping that Hathaway is interested in making a return. The combined star power of she and Julie Andrews in the first two films is part of why moviegoers loved the original installments (though, critically, they were panned).

The original Princess Diaries premiered in 2001, and the sequel debuted in 2004. The story finds Hathaway’s character Mia learning that she’s the heir to the throne in the Kingdom of Genovia.

Would you welcome a new ‘Princess Diaries’?

And should Hathaway come back? Maybe the reboot, if that’s what Princess Diaries 3 really is, will involve yet another heir being pulled from her everyday life into the world of the royals, where Mia currently resides.

In fact, that is exactly the plot of Notebooks of a Middle-School Princess by Meg Cabot, a brand-new Princess Diaries book that aims to introduce the series to a new generation of readers. Adapting this book could be a good way to give Hathaway one more Princess Diaries film before the new princess steps in for potential sequels.

Cabot also recently released Royal Wedding, a new adult installment of the Princess Diaries series. The book follows Mia as she plans her wedding to high school boyfriend Michael. However, as we have already seen an engagement plot onscreen in The Princess Diaries 2: Royal Engagement, it is less likely that the studio would take this path for a potential third instalment.

Additional reporting by Marama Whyte.