By Rita Kokshanian
Updated Nov 07, 2014 @ 11:51 am
Toy Story 4
Credit: Buena Vista Pictures/courtesy Everett Collection

While we knew we'd always have a friend in Woody, Buzz, and the whole Toy Story gang, after the third installment of the movie it seemed that that friendship would be reserved to short films and reruns of the iconic trilogy. Not anymore. Despite (spoiler alert!) Andy giving away his beloved toys at the end of Toy Story 3 and the iconic animated movie series seemingly coming to a close, Toy Story 4 is in the works. Walt Disney CEO Bob Iger announced the news Thursday, saying the film is set to hit theaters on June 16, 2017.

Pixar's John Lasseter, who created the original Toy Story in 1995, came up with the concept for the new movie along with Andrew Stanton, Pete Docter, and Lee Unkrich, Entertainment Weekly reports. Rashida Jones will write the script along with Will McCormack. And it seems that Toy Story 4 will live up to the legacy of its predecessors: “We love these characters so much, they are like family to us,” Lasseter says in a statement. “We don’t want to do anything with them unless it lives up to or surpasses what’s gone before."