SpringHill Entertainment broke the news on Twitter – that’s the production company co-founded by athlete LeBron James, who stars in the movie.
He takes over from Michael Jordan, who appeared in the original film in 1996 alongside basketball stars Charles Barkley and Patrick Ewing.
This isn’t LeBron’s first acting gig – he had a supporting role in Trainwreck.
Bugs Bunny and his love interest Lola will reprise their roles, and the former will be voiced by Eric Bouza.
Space Jam 2 will be produced by Ryan Coogler, known for his work on Marvel Studios’ Black Panther, and will be directed by Terence Nance, the creator of HBO’s Random Acts of Flyness.
If you’re not up to speed – here’s a quick recap.
In the original movie, Michael Jordan is drafted by Bugs Bunny to help Looney Tunes characters in a basketball game against evil aliens from an amusement park in space, known as Moron Mountain.
Bugs and his friends including Daffy Duck, Porky Pig, the Tasmanian Devil and others will be forced to work at Moron Mountain if they lose the game.
Michael is reluctant at first, but eventually agrees.
What he and the Tune Squad don’t realise is that the aliens have stolen talents from other basketball stars on earth in order to win.
They’re bossed around by owner of the amusement park, Mr Swackhammer, voiced by Danny DeVito.
Bill Murray also makes an appearance, playing himself.