AceShowbiz -

"Indiana Jones V" is officially happening. Disney has announced that a fifth installment of the action-adventure film franchise is in the works for a July 19, 2019 release in the States. Harrison Ford is set to reprise his role as the titular archaeologist, while Steven Spielberg who helmed the previous four films will return to the post for the new movie.

"Indiana Jones is one of the greatest heroes in cinematic history, and we can't wait to bring him back to the screen in 2019," said Walt Disney Studios chairman Alan Horn in a statement released on Tuesday, March 15. "It's rare to have such a perfect combination of director, producers, actor and role, and we couldn't be more excited to embark on this adventure with Harrison and Steven."

Franchise veterans Kathleen Kennedy and Frank Marshall will produce, while George Lucas, who created the character, is reportedly not involved in the fifth film.

Ford first played Indiana Jones in 1981's "Raiders of the Lost Ark" and reprised the role in "Indiana Jones and the Temple of Doom" (1984), "Indiana Jones and the Last Crusade" (1989) and "Indiana Jones and the Kingdom of the Crystal Skull" (2008). All four films have brought in nearly $2 billion at the global box office.

Last year, there were rumors that Chris Pratt was eyed to take over the iconic role. However, Spielberg and Marshall insisted that they wouldn't recast the titular character ala James Bond movies.