Rumors have been rife for years that a movie based on the Hot Wheels toy car franchise is in the works, but now it's officially happening. Mattel and Warner Bros have announced a partnership to bring Hot Wheels to the big screen in the first ever live-action feature film dedicated to the toy brand.

"We are excited to bring the thrill of a Hot Wheels live-action feature film to the big screen in partnership with Warner Bros. Pictures," Ynon Kreiz, Mattel's chairman and CEO, said in a statement. "Mattel Films has great momentum as it continues to execute on our commitment to bring global audiences new ways to experience the brands they love as we transform Mattel into an IP-driven, high-performing toy company."

You would think the Hot Wheels brand would be easier to adapt into an animated film. Still, it will be interesting to see how a live action movie about toy cars pans out. Story details are being kept under wraps, and it isn't known who will be sat in the director's chair, write the script or star in the film. Justin Lin, the director of several Fast & Furious films, was previously expected to helm the adaptation with Legendary Pictures, but Mattel has now taken over the license. He's already busy directing Fast & Furious 9 and 10 anyway.

We're expecting to see some crazy customized cars perform wild stunts on elevated tracks with massive jumps and dizzying loops. Alternatively, playing the Forza Horizon 3 Hot Wheels expansion could give you an idea of how the film adaptation could look. This also isn't the only Mattel movie in the works, as the toymaker has also announced a live-action Barbie film starring Margot Robbie. You can probably guess which film will have more hi-octane car stunts.

Potentially, Mattel and Warner Bros could have a big hit on their hands considering the franchise's enduring popularity. Hot Wheels first debuted in 1968 and has sold more than six billion individual cars, making it the number one selling toy in the world with more than 500 million Hot Wheels being sold annually.