'Princess Diaries 3' Update: Third Installment Not Happening, Alleged Reboot Remains a Rumor

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One day after the fans of the Genovia royalties have been fed with rousing rumors that "Princess Diaries 3" is already at works; Disney has released a word immediately crushing the swirling speculations. The mouse house has reportedly no plans of developing a third installment of the popular "Princess Diaries" franchise.

Entertainment Weekly reported on Wednesday that an insider close to the studio told them that the rumored Princess Diaries 3 its fans were hoping is not happening. "There is no sequel or reboot currently in the works," the source said.

The tantalizing rumors started when Tracking Board reported that the film was already in the process of development. Though the site did not have any further details about the said sequel, it claimed that "The Princess Diaries" and "The Princess Diaries 2: The Royal Engagement" producer Debra Chase is slated to produce the third installment.

According to International Business Times, Meg Cabot's recent published work entitled "The Princess Diaries XI: The Royal Wedding" fueled the swirling speculations. A few websites even suggested that Disney is already planning to bring back Anne Hathaway's ("Les Miserables", "Interstellar") Mia Thermopolis and Julie Andrews' ("Sound of Music", "Eloise at Christmastime") Queen Clarisse Renaldi to the big screen.

Though unconfirmed, many started to believe the reports especially when Heather Matarazzo who played the role of Lilly Moscovitz (Hathaway's best friend in the film) retweeted a story of a possible new film, writing: "Well here is some good news for #PrincessDiaries fans."

"The Princess Diaries" was adapted from Cabot's book series. The first installment premiered back in 2000 and surprisingly earned $165 million globally. The movie served as Hathaway's break in her acting career which turned her into a notable star afterwards. A sequel was then released four years after which earned $135 million worldwide.

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