I am excited. Ecstatic. No I am literally about to fall out of my chair. Godzilla is back from the dead.

First rumored in last summer, Legendary Pictures, the studio behind Watchmen, The Dark Knight, and the upcoming Clash of the Titans, announced that they were in talks with Toho Co. Ltd. to release a reboot of the Godzilla series.

Today Legendary made the official announcement for the film, which is penned for a 2012 release.

"Godzilla is one of the world's most powerful pop culture icons, and we at Legendary are thrilled to be able to create a modern epic based on this long-loved Toho franchise," said Thomas Tull, Chairman and CEO of Legendary. "Our plans are to produce the Godzilla that we, as fans, would want to see. We intend to do justice to those essential elements that have allowed this character to remain as pop-culturally relevant for as long as it has."

Toho Co. Ltd. had this to say: "Godzilla is a signature Japanese character which we have nurtured over the years. It is a great honor to reach an agreement with Legendary Pictures, the parent to many a blockbuster film, and we are delighted in rebooting the character together to realize its much anticipated return by fans from all over the world," comments Hideyuki Takai, President of Toho Co., Ltd. "We are anxious to find out where Godzilla's new stomping will take us."

It was also announced that Dan Lin (Sherlock Holmes) , Roy Lee (The Departed), Brian Rogers , Yoshimitsu Banno (Godzilla vs. Hedorah) , Kenji Okuhira and Doug Davison will produce.