Walt Disney Pictures is officially moving forward with "Princess Diaries 3," according to a report from Tracking-Board. The report states that the film will move forward, whether or not actress Anne Hathaway will be a part of it, and that the film may serve as a reboot of the franchise. 

The first "Princess Diaries" film is based on the 2000 novel of the same name by Meg Cabot and stars Hathaway as Mia Thermopolis, a teenager discovered to be the true heir to the fictional kingdom of Genovia. With her in the film is Oscar winner Julie Andrews as her grandmother Queen Clarisse Rinaldi. 

2001's "Princess Diaries" proved to be a massive success and spawned a sequel in 2004, helping Hathaway achieve the success she enjoys today. The second film, penned by "Grey's Anatomy" creator Shonda Rhimes, stars a young Chris Pine and revolves around Princess Mia forced into an arranged marriage which leads to her challenging the laws of her kingdom. 

Tracking-Board reports that the third film is most likely going to be a reboot and will introduce a new actress in the role of Mia. According to a report from Cinema Blend, there is another book by Meg Cabot where Mia discovers she has a half-sister and that there is a possibility that the series would focus on her character instead. 

It is unclear at this point if Disney will keep Hathaway and branch off the story to create a new spin-off franchise or if they will indeed move forward with a full reboot that would re-tell the 2001 film's story with new actors in the roles. 

Debra Chase of Martin Chase Productions, producer for the first two entries, will return as producer for the third film. Charles Pugliese is producing as well and will serve as overseer for Chase. Kristin Burr and Foster Driver will produce and oversee the project for Disney.