UPDATE (6/17/15, 3:07 p.m. ET): Sad news, citizens of Genovia: according to Entertainment Weekly, a source close to Disney has told them that reports of a new "Princess Diaries" movie have been greatly exaggerated. Although, you never know, maybe we convinced them that it's a good idea with our overwhelming enthusiasm? A girl can dream.

Are you sitting down? Please tell us you're sitting down. According to The Tracking Board, Disney is planning a third installment of "The Princess Diaries," and our pre-teen selves are BARELY holding it together right now.

Fourteen years ago, Anne Hathaway and Julie Andrews teamed up to steal our hearts in "The Princess Diaries," based on the popular series of novels by Meg Cabot. Hathaway (in her first big, starring role) played Mia Thermopolis, an ordinary girl who learns she's actually royalty when she meets her elegant, long-lost grandmother (Andrews, in the role she was literally born to play) for the first time.

We laughed. We cried. We learned that miracles DO, in fact, happen -- when you believe.

In 2004, the Disney insta-classic received the sequel treatment, via "The Princess Diaries 2: Royal Engagement." But it's been eleven years since we last visited our friends in Genovia.

Of course, none of the details surrounding "Princess" part 3 have been made public yet -- and we don't ACTUALLY know if Oscar winner Anne will be reprising her role as Mia (please say yes) -- we just know that the movie is currently in development, and we'll be holding our breath until we know more.

It's worth noting that Meg Cabot recently released the latest installment of her book series, "Princess Diaries XI: Royal Wedding." Whether the movie will be borrowing material from the novel, or whether we'll be getting a whole separate story, "Princess Diaries 3" will definitely be making our royal dreams come true, once again.