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Isn’t it time that we got another good old-fashioned monster movie? Guillermo del Toro definitely seems to think so. Fans of his 2013 work Pacific Rim have clamored for a sequel ever since the film hit theaters, and now we finally have some word on the film’s progress.

Del Toro posted an update to his personal Twitter account with an update on the status of Pacific Rim 2, check it out below:

According to the director, both the script and budget for Pacific Rim 2 have been finalized. As of now, Guillermo del Toro is merely waiting to hear back from the studio on whether or not they approve of his vision for the follow-up to the 2013 monster melee. The original Pacific Rim garnered a respectable $411 million against a $190 million budget – good, but difficult to build a franchise on in a post $1 billion Avengers world.

A Pacific Rim sequel has been hinted at for quite some time, and was recently well into pre-production. Titled Pacific Rim: Maelstrom, rumors had indicated that it would be a direct follow-up to the original Pacific Rim, centering on Charlie Day and Burn Gorman’s respective characters, Dr. Newton Geiszler and Dr. Hermann Gottlieb. In addition to these headliners, original cast members Charlie Hunnam, Rinko Kikuchi and Ron Perlman would also rejoin the cast. The story would center on a world that no longer fears the ever-present threat of monsters from beneath the surface of the ocean, and how humanity has learned to cope with their new reality. However, the project seemingly ran into unspecified problems sometime in September, and details have been few and far between ever since.

A sequel to Pacific Rim is not the only franchise fans want to see rounded out by Del Toro. Aside from the kaiju / jaeger showdown, Del Toro and Ron Perlman have also expressed an interest in returning to the Hellboy franchise to give it the conclusion it deserves. Much like Pacific Rim, however, that project remains stalled due to the studios’ lack of willingness to put the money forth towards the project. If nothing else, we now at least have confirmation that del Toro is personally committed to bringing the project to fruition; such passion does not always get movies made, but it can go a long way.

Previous reports indicated that Pacific Rim 2 would not hit theaters until August 4, 2017, so we will have to wait and see if it ends up materializing at all. Stay tuned for more details.