The Emmy Award-winning show, created by David Milch, was set in the lawless town of Deadwood, South Dakota in the 1870s and ran for three seasons on U.S. cable network HBO until it was scrapped in 2006.
Fans have been campaigning for the show's return in the form of a movie ever since, and three years after HBO producers confirmed they were considering the idea, the film is finally coming to fruition.
On Monday, November 05, HBO boss Casey Bloys announced production on a feature-length "Deadwood" is underway in Los Angeles.
The project, written by Milch, will continue the story featured in the TV series, reuniting the main characters after 10 years "to celebrate South Dakota's statehood," as they navigate the changing times.
The film will feature the return of McShane as brothel owner Al Swearengen, and Olyphant as Sheriff Seth Bullock, as well as fellow original co-stars like Anna Gunn, Molly Parker, Paula Malcomson, and John Hawkes.
Daniel Minahan, who directed four episodes of the show during its three-year run, will return to take charge of the movie version, which he will also executive produce alongside Milch, McShane, and Olyphant, among others.
A release date has yet to be set.
McShane had previously shared his hope of returning to "Deadwood" to wrap up the story for fans, who were left reeling from its shock cancellation 12 years ago.
"Of course I'd love to reprise that (role)," he told Entertainment Weekly. "How could one not, when it was snatched away rather unjustly by a combination of forces we'll never know about - hubris or money or whatever. But ('Deadwood') certainly finished too early."