January 19, 2018 01:00 PM

The next generation of Crocodile Dundee is here — and PEOPLE has an exclusive first look.

After a hit original and two sequels, one of the most iconic movie franchises in Australian history is getting revived via a mysterious new project with the original legendary bushman Mick Dundee (played again by Paul Hogan). The actor, with the help of some friends, will be bringing the beloved character back in a fun and surprising way for Dundee: The Son of a Legend Returns Home. Most surprising of all: Danny McBride stars as Dundee’s adventurous son!

“I’m not going to lie to you, to be a real Crocodile Dundee, I think 95% of it is the vest and then 5% is just being able to not fall down and stay on your feet,” McBride tells PEOPLE.

In the first teaser for the project, exclusive to PEOPLE, the Pineapple Express star recreates one of the franchise’s most iconic lines when he looks at the camera and says, “That’s not a knife — that’s a knife.”

Crocodile Dundee is a film that has stood the test of time,” Hogan tells PEOPLE. “It was a defining moment in my life and one of my proudest accomplishments. Throughout the past few years, I’ve been thinking about how to bring Dundee to a new generation. I’m excited to introduce the new Crocodile Dundee to the world and look forward to sharing more news about those involved very soon.”

Dundee: The Son of a Legend Returns Home arrives this summer.

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