Spider-Man will remain in the Marvel Cinematic Universe with Sony and Walt Disney Studios' Marvel set to re-team for a new outing.
The news comes after Sony announced last month that they had failed to reach an agreement with Marvel to continue working together on the current Spider-Man films with Tom Holland in the title role.
Sony owns the film rights to the character, but the deal had allowed Holland's Spider-Man to appear in Marvel films, including this year's Avengers: Endgame, and it saw Marvel boss Kevin Feige producing Spider-Man: Homecoming and Spider-Man: Far From Home.
The future of Spider-Man within the MCU had been thrown into question when the two film companies had failed to reach an agreement, but now fans cast rest easy as there is a new film coming in July 2021.
"I am thrilled that Spidey's journey in the MCU will continue, and I and all of us at Marvel Studios are very excited that we get to keep working on it," Feige said in a statement.
"Spider-Man is a powerful icon and hero whose story crosses all ages and audiences around the globe.
"He also happens to be the only hero with the superpower to cross cinematic universes, so as Sony continues to develop their own Spidey-verse you never know what surprises the future might hold."
Producer Amy Pascal, who will also produce the third film under her Pascal Pictures banner, said: "This is terrific. Peter Parker's story took a dramatic turn in Far From Home and I could not be happier we will all be working together as we see where his journey goes.
"This has been a winning partnership for the studios, the franchise and the fans and I'm overjoyed it will continue."
Holland responded to the news by sharing a clip on Instagram from The Wolf Of Wall Street, in which Leonardo DiCaprio can be seen saying: "I'm not leaving. I'm not f****** leaving. The show goes on."
Zendaya, who stars in the Spider-Man films as MJ, simply tweeted a gif of Spider-Man dancing.