Josh Gad to Star in “Spaceballs ”Sequel Produced by Mel Brooks: 'A Dream Come True'

Brooks, now 97, is working with Gad on the sequel, which comes 37 years after the original

Fans of Spaceballs are in luck. A sequel is on the way!

In an Instagram post, Josh Gad — who co-wrote the script and is set to co-produce and star in the film — confirmed the news on Tuesday, June 18.

"My phone has never exploded as hard as it did today," the actor, 43, captioned the post, which included a screengrab of The Insneider's post on X (formerly known as Twitter) announcing the news about the new Spaceballs installment. "We are very excited!"

Gad added that the making of the sequel is in its "early days," but that he's working with Mel Brooks —who directed, co-wrote, produced and appeared in the 1987 space opera parody — on the project. According to Variety, Brooks, 97, set to produce the film.

Related: Josh Gad Gives Update on 'Honey, I Shrunk the Kids' Reboot Starring Rick Moranis

"Working with the legendary Mel freaking Brooks to make something worthy of this franchise and his legacy has been a dream come true," the Wolf Like Me star wrote. "@benjisamit @cubanmissiledh @josh.greenbaum @kevinsalter1 and I worship at the alter of all things Brooks and we are doing everything in our power alongside Mel to make sure you get what you’ve waited 37 long years for. EVERYTHING ?? #maytheschwartzbewithyou."

Per Variety, Josh Greenbaum is set to direct the film, which was co-written by Gad, Benji Samit and Dan Hernandez. Kevin Salter will executive produce. Currently, the movie is in early stages, so plot and further details are under wraps, with the outlet noting that the "sequel is in development at Amazon MGM Studios."

Samit and Hernandez are the screenwriters behind Teenage Mutant Ninja Turtles: Mutant Mayhem, Addams Family 2 and the forthcoming Disney+ series LEGO Star Wars: Rebuild The Galaxy, while Greenbaum previously helmed 2021's Barb and Star Go To Vista Del Mar.

Reps for Amazon and Brooks have not yet responded to PEOPLE's requests for comment.

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Spaceballs isn't the first film originally starring Rick Moranis — who played Lord Dark Helmet alongside Bill Pullman, John Candy, Daphne Zuniga and Joan Rivers — that Gad has been involved in rebooting.

In May 2019, it was revealed that the Thanks for Sharing actor had been cast in an upcoming reboot of Honey, I Shrunk the Kids, the 1989 family adventure film starring Moranis as Wayne Szalinski, a scientist who invents a ray gun machine, which accidentally shrinks his children.

Called Shrunk, the film is set to take place decades after the original with Gad starring as Szalinski's grown son, Nick Szalinski, originally played by Robert Oliveri, who also reprised the role alongside Moranis in the 1992 sequel, Honey, I Blew Up the Kid.

Gad originally teased his involvement in the film on Instagram back in January 2022 with a still of Moranis in the original and the caption, "Homework."

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Related: Mel Brooks' Comedy 'History of the World, Part I' Is Getting a Sequel Series 40 Years Later at Hulu

In June 2023, the Frozen voice actor provided an update on the movie's anticipated production.

"A lot of u ask me what’s going on with this film. Truth is, we were inches from starting and then COVID hit, inches from starting again & then my schedule exploded with conflicts, inches from starting again & budget got the best of us," Gad posted on X.

Sharing an unofficial poster for the film, featuring Moranis, 70, that Gad credited as being made by artist BossLogic, he added, "If you want it, let your local @disney know."

At the time, a rep for Disney had no comment about the alleged production delays when reached by PEOPLE.

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