MGM Studios announced that it expects to release the next Bond movie within three years.

The studio also stated that it hopes to soon announce a new director for the next James Bond movie installment, since Sam Mendes, who directed the blockbuster hit Skyfall, decided he would not be returning to the next Bond movie.

MGM Chairman and Chief Executive Office Gary Barber said that the studio was already developing a screenplay for the next movie about British secret agent James Bond.

The next installment will be the 24^th movie in the 50-year-old franchise.

Barber said, "We are very excited about the franchise, we look forward to announcing a director soon."

He continued, "We are currently developing the screenplay and working with our partners. We look forward to developing the script soon and signing a director. We are hoping within the next 3 years it will be released," Reuters reported.

Barber didn't elaborate on casting, but Daniel Craig has already signed on to two more Bond movies as the famous '007.'

The previous installment, Skyfall, was released in 2012 starring Craig. It made $1.1 billion worldwide and satisfied critics. However, Mendes said that he wanted to focus on theater projects in the future, so he departed from the Bond films.

Skyfall is the highest grossing Bond movie of all time.

Barber commented that Mendes "did an amazing job on 'Skyfall.' We are thankful for the work that he did."

Guy Ritchie is considered by many to be the favorite to take over the Bond director's chair, as he recently directed the hit Sherlock Holmes films starring Robert Downey Jr.