The comeback was looking likely after multiple sources told Deadline that MGM Studios was close to closing a deal with the original creative team. The Big Little Lies star would also produce the film through her company, Hello Sunshine.
In 2016, Witherspoon told E! News she was open to the idea of a third movie.
"We've thought about it. I need somebody really clever to come up with a great idea and we'll do it,” she revealed. “I do think it's a good time to do it - I think women need that kind of positivity right now."
So grab your chihuahua and practice your bend and snapping in time for the greatest comeback ever.