After speculations of a "Frozen 2" movie from Disney titled "Strange Magic" hit the web, the studio is now revealing the truth -- and "Frozen" fans will be disappointed. It turns out that "Strange Magic" is a separate animated movie from LucasFilm Ltd.

The press release sent out by the studio mentioned that the animated movie will be a musical -- drawing inspiration from the classic tale of "A Midsummer Night's Dream," reported CNN.

"Strange Magic" includes an interesting mix of characters from fairies, goblins, and imps among others as they start their funny journey after a fight over a potent potion. Clearly, no Elsa, Anna and Olaf here.

Stitch Kingdom first broke the rumor of "Strange Magic" possibly being a "Frozen 2" movie. The site said Disney registered multiple domain names pointing to such project.

It was then linked to the words of the Duke of Weselton mentioning it in a line of a TV spot released for the first "Frozen" movie. "Strange magic has frozen this land," the character said in the trailer.

However, with LucasFilm announcing a Jan. 23, 2015 release date for "Strange Magic," all speculations of it being the much-anticipated "Frozen" sequel are clearly shot down.

Variety reported that "Strange Magic" is written by George Lucas and directed by Gary Rydstrom. It will feature the most popular tracks from the past 60 years to help bring back one interesting fairy tale story to the big screen.

Voice actors featured in the animated movie include Alan Cumming, Alfred Molina, Evan Rachel Wood, Maya Rudolph, Bob Einstein, Kristin Chenoweth, Peter Stormare, Sam Palladio and Meredith Anne Bull, among others, said Variety.

The movie, which will be released by Touchstone Pictures, was first reported in 2010, noted IGN.

"Lucasfilm Animation Singapore and Industrial Light & Magic, which created the CGI animation for 2011's Academy Award-winning film Rango, bring to life the fanciful forest turned upside down with world-class animation and visual effect," a part of the official synopsis released reads.

Fans who are looking forward to a sequel of the hit movie which sent many kids singing "Let It Go" at the top of their lungs will have to settle with a new book series in the meantime. Random House announced that it will serve as the written sequel to the movie.

A short animated sequel called "Frozen Fever" in 2015 and a Broadway musical based on it the animated movie are also underway.