"Mary Poppins Returns," the modern-day sequel to Disney's 1964 film "Mary Poppins," has been given the green light to go into production, with a scheduled release date slated for December 25, 2018.

The film, which boasts a star-studded cast -- including Golden Globe winner Emily Blunt, Emmy, Grammy and Tony Award winner Lin-Manuel Miranda, Ben Whishaw, Emily Mortimer, Julie Walters, Colin Firth and multiple Oscar-winner Meryl Streep -- is to be directed and produced by Academy Award nominee, Emmy and DGA Award winner Rob Marshall.

Producing alongside Marshall is Golden Globe nominee John DeLuca ("Chicago") and Emmy and Golden Globe winner Marc Platt (also attached to the Oscar-nominated "La La Land").

The screenplay, set in 1930s depression-era London, has been penned by Oscar nominee David Magee and is based on "The Mary Poppins Stories" by PL Travers.

The fresh film, sees Michael (Whishaw) and Jane (Mortimer) from the original tale, now grown up and focuses on three new Banks children, who are introduced to the enigmatic nanny Mary Poppins and a suite of quirky characters when she re-enters the lives of the Banks family (via ComingSoon).