From left, Ralph Macchio, Jackie Chan
CNN  — 

Get ready to wax on, wax off, yet again.

Perennial favorite film franchise “The Karate Kid” will return next year with a new movie scheduled to go into production soon, Sony Pictures announced on Tuesday.

The film will feature Ralph Macchio – who was the titular “Kid” in the first three movies in the franchise – and Jackie Chan, who took over from Oscar nominee Pat Morita in role of the older martial arts master who acts as mentor in the 2010 reboot.

Macchio and Chan appeared in a YouTube video on Tuesday morning in support of the new film being announced and to launch a casting search for the next young star of the franchise.

Next June will mark the 40th anniversary of the first “Karate Kid,” which starred Macchio as a California high school student who learns how to fight – as well as act with honor and restraint – from his neighbor after a group of bullies target him.

Pat Morita and Ralph Macchio in a scene from the film 'The Karate Kid', 1984. (Photo by Columbia Pictures/Getty Images)

Macchio went on to appear in “Karate Kid Part II” in 1986 and “Karate Kid Part III” in 1989. A fourth installment, “The Next Karate Kid,” came five years later and featured Hilary Swank.

In 2010, Chan starred in “The Karate Kid” reboot opposite Jaden Smith, but the franchise truly gained fresh traction a number of years later, when “Cobra Kai” premiered in 2018.

That Emmy-nominated series, soon airing its final season, catches up with Macchio’s Danny and the character of Johnny – the bully played by William Zabka in the first two movies – all grown up. “Cobra Kai” has gone on to become wildly popular on Netflix, with a fifth season wrapping up last year.

A representative for Zabka did not immediately return a request for comment on whether he will be featured in the new feature film alongside Macchio.

The new “Karate Kid” installment is set to premiere in theaters on December 13, 2024.