The Power Rangers, the 90s favorite group of teenagers protecting the world from alien invaders, will be returning the big screen soon!

The "Mighty Morphin Power Rangers" movie reboot is reportedly in the works. Lionsgate CEO John Feltheimer and Power Rangers Producer and series creator Haim Saban made the announcement for the reboot.

Saban told reporters: "Lionsgate is the perfect home for elevating our Power Rangers brand to the next level. They have the vision, marketing prowess and incredible track record in launching breakthrough hits from 'The Hunger Games' to 'Twilight' and 'Divergent.'"

Feltheimer added that the Power Rangers stories and characters have entertained audiences for over two decades, and they are still more powerful than ever.

"We're thrilled to be partnering with Haim Saban and his team to maximize the potential of this immensely successful and universally recognized franchise," Feltheimer added.

According to Variety, the announcement happened after Saban launched Saban Films as a distribution company that will acquire and distribute eight to ten movies a year in North America.

Casting rumors started surfacing online since May. The two celebrities who are reportedly being considered for the Red Ranger role are "Twilight" star Taylor Lautner and "Hunger Games" star Liam Hemsworth.

Other actors who are being considered are Chloe Grace Moretz, Jack Gleeson, and Liam Neeson.

This is not the first time that a Power Rangers movie will be released in the big screen. 20th Century Fox released "Mighty Morphin Power Rangers: The Movie" in 1995, starring the original TV cast like Amy Jo Johnson, Jason David Frank, and David Yost. It made over $66 million worldwide.

Another movie was made in 1997 called "Turbo: A Power Rangers Movie," which made about $9 million.

No official date has been announced yet, but keep your eyes peeled for more announcements!