Is Disney really developing a third ‘Princess Diaries’ movie?

Despite a rumor that made the Internet go crazy last night, there is no Princess Diaries 3 in the works, according to a report.

Last night, a report from The Tracking Board suggested that Disney was developing a third Princess Diaries, either as another sequel to Garry Marshall’s original 2001 film or as a reboot without Anne Hathaway.

Debra Chase was returning to produce, with Kristin Burr and Foster Driver overseeing for Disney.

However, Entertainment Weekly is now reporting that Princess Diaries 3 is not in development, citing a source.

Of course, should Disney decide to make a new Princess Diaries, there is material, since Meg Cabot has written another book, called Royal Wedding. Cabot has already written 10 prior novels about Mia Thermopolis, the character Hathaway played.

The Princess Diaries opened in 2001, grossing $108.2 million domestically. The 2004 sequel, Royal Engagement, made $95.2 million domestically. Both films co-starred Julie Andrews.