It is official: "Once upon a Time" will return with all-new episodes for season 7.

ABC has renewed the hit fantasy drama for another run, ending months of speculation about its future. The season 7 pickup was announced by executive producer Adam Horowitz on Twitter on Friday.

During its first TV season, "Once upon a Time" was the highest-rated drama launch, with 12.8 million viewers and a 4.0 rating. The past few seasons, however, have been seeing a ratings decline after earning a demo low of 0.7 in April. Part of the network's efforts to boost ratings is a "reset" for the season 7 narrative.

The story will now center on a 10-year-old girl (Alison Fernandez, from "Jane the Virgin") and a young adult male (Andrew J. West, from "The Walking Dead"). Some of the original cast members are set to return either in recurring or starring capacities.

Following lead actress Jennifer Morrison's exit this week, ABC has confirmed that five more main stars will no longer be back for season 7. The list includes Ginnifer Goodwin (Snow White), Jared Gilmore (Henry), Emilie de Ravin (Belle), Josh Dallas (Prince Charming), and Rebecca Mader (Zelena). Although it is difficult for fans to imagine how the show will move forward without their favorite characters, there are speculations that there will be a time jump when season 7 picks up. 

"There are set endpoints to different stories," Horowitz told reporters about the upcoming finale. "But that doesn't mean there aren't new stories for different characters."

He went on to assure viewers that the season 6 finale will somehow offer closure before the series explores a new landscape. "I think that by the end of the season finale, a lot of what we've been doing for the last six years is wrapped up — we hope in a very satisfying way — and then we move forward in a way that at the end of it, hopefully you'll see what we're hoping to do in season seven."

The "Once upon a Time" season 6 finale airs on Sunday, May 14, at 8 p.m. EDT on ABC.