The actress will star and serve as an executive producer in the sequel to the hit 1980's romance film
Jennifer Grey in Dirty Dancing
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Jennifer Grey is about to have the time of her life all over again!

A sequel to the hit 1980's romance film Dirty Dancing has officially been announced, 33 years after the first film was released in theaters.

Per Deadline, Grey, 60, who starred in the original film as Frances "Baby" Houseman, will return for the film, where she will also serve as an executive producer.

Though plot details remain under wraps, Lionsgate CEO Jon Feltheimer confirmed the news of the film to the publication, referring to it as "one of the worst kept secrets in Hollywood."

He added that the film will be "exactly the kind of romantic, nostalgic movie that the franchise’s fans have been waiting for and that have made it the biggest-selling library title in the Company’s history."

Patrick Swayze, Jennifer Grey
Dirty Dancing (1987)
| Credit: Courtesy Everett Collection

The 1987 film starred Patrick Swayze as dance instructor Johnny Castle and Grey as a woman spending the summer with her family at a resort in the Catskills, where the two find love and create one of the most iconic dance routines in all of movie history. Swayze died at the age of 57 back in 2009.

According to Deadline, the sequel will be directed by Jonathan Levine with Gillian Bohrer and will feature a screenplay done by Mikki Daughtry and Tobias Iaconis.

The original film won an Oscar and Golden Globe for the song “(I’ve Had) The Time of My Life” and was nominated in the comedy/musical category with nominations for Swayze as comedy/musical actor and as well as Grey in the best actress category at the 1988 ceremony.

The first film sparked a series of other related projects as well, including a TV series, a TV movie remake, a musical and the 2004 film Dirty Dancing: Havana Nights.

Dirty Dancing
Dirty Dancing (1987)
| Credit: Getty Images

Grey previously revealed that she turned down a role in the 2017 ABC television remake during an interview with The Hollywood Reporter a few years ago.

"I was asked to do something on that show and I was flattered because I always want to be asked because it’s nice to want to be included," she said. "But for me, it would be sacrosanct for me to do it because it didn’t feel appropriate to me."

RELATED VIDEO: Reasons We Still Love 'Dirty Dancing' 30 Years Later!

"It feels like if you’re going to do your own thing, do your own thing," she added. "I wouldn’t say [what role was offered] but I will tell you, it wasn’t Baby!"

The role of Baby was filled by Scream Queens star Abigail Breslin, while Colt Prattes took on Swayze’s Johnny in the reboot.