The announcement was officially made by Warner Bros chairman Toby Emmerich and now we can all get ready to be plugged back in with production eyed for the end of 2020.
Wachowski wrote and directed the original trilogy with her sister Lilly.
Lana Wachowski will be writing, producing and directing the film and she sounds pretty bloody stoked that the world of machines, agents and "jacking in" will be relived one last time.
Variety reports that the new movie is set to begin filming at the start of next year, working from a script that Wachowski is writing alongside award-winning novelist Aleksandar Hemon and Cloud Atlas author David Mitchell.
"I'm very happy to have these characters back in my life and grateful for another chance to work with my brilliant friends", said Wachowski in a statement to ET Canada. Plot details are now unknown, and it's unclear if the character Morpheus (played by Laurence Fishburne) will appear in the new film. Given the recent resurgence of Keanu Reeves, coupled with Hollywood's reboot-happy nature, the timing seems ideal to bring Neo back to the big screen for a bit of redemption.
Plot details on the film haven't been revealed, and given the ending of 2003's The Matrix Revolutions it's not a clear cut answer.