'Tron 3' in the works with Jared Leto, director Garth Davis

Disney may finally be pushing through with the long-rumoured "Tron 3" movie and the studio has tapped Garth Davis to direct the film starring Jared Leto.

An exclusive report from Deadline revealed that Disney has decided to continue with the franchise although the studio has yet to release an official confirmation. Davis will helm the film from a screenplay by Jesse Wigutow, who wrote the most recent draft.

Leto has long been rumored to star in "Tron 3" for a still undisclosed role. The actor finally confirmed his involvement in a recent Instagram post.

"I'm struck with such gratitude for the opportunity to bring this movie to life, especially as both the original video game and the film affected me so deeply as a young child. The fact that I get to be a part of this new chapter is mind-blowing," Leto captioned his post adding, "I am so very excited and proud to confirm that YES - I will be starring in TRON."

The 30 Seconds to Mars frontman assured fans that they will do their best to create a film that everyone will enjoy and appreciate as he continued, "We will work as hard as we possibly can to create something that I hope you all will love."

Leto teased that they "have some very special ideas in store" and invited everyone to go to the movies. He ended his announcement with "See you in the grid!"

Aside from a starring role in "Tron 3," Leto also serves as co-producer along with Justin Springer and Emma Ludbrook.

Leto's confirmation and news that Davis is on board to helm the film came after it was reported in July that the movie is officially in development and that fans were hoping for "Tron: Legacy" director Joseph Kosinski to return.

Interestingly, Disney executive Mitchell Leib also subtly confirmed "Tron 3" in an interview where he talked about the film's "great" and "phenomenal script." He acknowledged that the timing was not right years ago to make the sequel but feels that right now they can make a great movie because they have learned a lot of lessons from the second film.