Is it, or is it not happening? Rumors have run rampant about the return of another "Princess Diaries" film, but as many outlets reported that the third installment has been greenlighted, others also said otherwise.

Not that we don't want to see the adorably geeky princess of Genovia again, but is "Princess Diaries 3" actually happening?

Here's what we know so far, based on an exclusive report from The Tracking Board:

1) The third installment is in the works, however there has been no word from Anne Hathaway (who played the geeky schoolgirl-turned-princess in 2001) on whether or not she will be returning to reprise her role.

2) The plot is being kept "under lock and key." With the last film released almost 11 years ago, there is no telling what happens next for Mia Thermopolis, either,

3) There is a possibility that the new film would be a reboot, not a sequel, but if that's the case, who will play the new Mia?

However, there are also rumors that if "Princess Diaries 3" really is happening, it won't be anytime soon.

1) Citing a source close to the project, Variety noted that although a conversation about a third installment did occur, nothing was finalized in the meeting, and there is no screenwriter attached to it yet.

2) The franchise still has a pretty loyal fan base, so until the studio finds a suitable script to jumpstart the film, nothing will come out of a third "Princess Diaries" threequel.

3) In an interview with Access Hollywood in 2012, Julie Andrews said she's open for another film, however, she also added that Disney might just stick to the two movies because of Hathaway, who has ventured into more mature roles, including her Oscar-winning portrayal of Fantine in "Les Misérables."

In other updates relating to "Princess Diaries", MTV News noted that Meg Cabot, author of the original material, has recently released the latest installment of the series, titled "Princess Diaries XI: Royal Wedding," which could be great source material for third film.

On the other hand, if Disney thinks a reboot will be more viable, then the production company definitely has a lot of material to work with. As Hollywood Life noted, Cabot's series of novels did not just have ten other books but several half-novels as well.

So what do you think of the latest news for "Princess Diaries?" Do you think Anne should reprise her role, or is it time for a reboot?