READ MORE: Nepo baby actress stuns on red carpet at Venice Film Festival
The controversial Goonies sequel is making good progress according to its writer, who has also defended the need for the film.
Plans for a follow-up to the '80s classic were first reported last year, sparking widespread concern from fans.
Screenwriter, director, and producer Potsy Ponciroli gave an update on The Goonies 2 at a Deadline-moderated event at the Venice Film Festival.
As per the publication, he said: 'I have turned in a first draft, which was very well received, and I'm on a second draft and I'm about 95 percent done with that so we're moving in the right direction.'
He also took a moment to address the online response and reassured fans that the project will be treated 'with utmost care.'
Ponciroli added: 'I know there's a lot of "do we need a new Goonies," 'but I'm the biggest fan of the original, it's my favorite movie of all time.
'I'd never "redo" The Goonies. To me it was a story that never ended so this is the movie I want to see as one of its biggest fans.'
The publication reports that Ponciroli does not yet know when the film will move into production and that a director has not yet been announced.
The Goonies sequel is making good progress, says its writer Potsy Ponciroli
The 1985 adventure-comedy was given the green light for a second instalment almost 40 years after the original
The original film, written by Chris Columbus and released in 1985, has become a classic hallmark of '80s cinema, known for its mix of action, humor, and heart.
It follows a group of kids from the 'Goon Docks' neighborhood in Astoria, Oregon, who discover an old treasure map in the attic of one of their homes.
Read More A-list actress looks unrecognizable in shocking new film role
This map leads them on a thrilling quest to find the long-lost treasure of One-Eyed Willy, a legendary 17th-century pirate.
Along the way, they must outsmart a family of criminals, the Fratellis, who are also after the treasure.
Not only will the sequel be an iconic throwback for decades of fans, but it will also be a huge throwback for the cast as many of the original members are said to star.
Mikey Walsh - played by Sean Astin - was the optimistic leader of the Goonies and was determined to save his home from foreclosure by finding the treasure.
Brand Walsh - played by Josh Brolin - was Mikey's older brother, who was reluctantly dragged into the adventure.
Chunk - depicted by Jeff Cohen - was the group's clumsy but lovable friend, known for his 'Truffle Shuffle' dance.
The original 1985 film was directed by Richard Donner and produced by Steven Spielberg
Screenwriter Ponciroli has insisted he is 'the biggest fan of the original' and declared it his 'favorite movie of all time'
Mouth - who was played by Corey Feldman - was a wisecracking member of the group with a knack for getting into trouble.
Data - depicted by Ke Huy Quan - was the gadget enthusiast who used his inventions to help the group escape dangerous situations.
And the iconic Sloth - plated by John Matuszak - was the misunderstood, gentle giant and disfigured son of the Fratelli family, who becomes an ally of the Goonies.
Ex-NFL star John died in 1989 aged 38 and has forever been cemented in Hollywood history while his legendary catchphrase, 'Hey you guys!'
