Long in development hell, the third "Ghostbusters" film is finally emerging to head into production. Plans for a third film go back as far as 1998, when Dan Ackyrod penned a film that focused on the original team (with the exception of Peter Venkman, who married Dana and was helping to raise her son), before turning the business over to a younger generation of Ghostbusters. They would be transported to a hellish alternate version of Manhattan called Manhellion, and confront Lucifer himself (with the help of Venkman, who returns in a cameo appearance). That script, as well as a proposed "Ghostbusters IV" faded to obscurity around 2000. But the success of the franchise on dvd/blu-ray release, as well as the very popular video game and graphic novel, has brought the boys back from obscurity.

A new script by the scribes behind "The Office" is in the finishing stages, with veteran director Ivan Reitman returning to helm the third entry. Both  stars Dan Ackroyd and Harold Ramis have confirmed that they'll be a yonger group of cadets needing to be trained, and "a new leader, and you'll love her"; no official casting news on said character, but rumors are Anna Faris ("Scary Movie", "Observe & Report") and Eliza Dushku ("Dollhouse"). They'll be also new tools that will enable them to travel between dimensions, including the neuron splitter and interplanetary interceptor.

The last holdout on "Ghostbusters III", Bill Murray, has agreed to come back for a third film--but not as you think. Dr. Peter Venkman will be killed off during the first third of the film, and spend the rest of the film as a ghost. Rick Moranis is also expected to come out of retirement to reprise his role as nerdy accountant Louis Tully; Ernie Hudson and Annie Potts are also expected back as is Sigourney Weaver as Venkman's love interest Dana. Now grown, Dana's son is to join the team as one of the new Ghostbusters. No word on who the new team will be, but rumors that Paul Rudd, Steve Carrell, Rainn Wilson, and Michael Cera have been bantered about.

"Ghostbusters III" is tenatively set to start filming in New York City and Los Angeles in the summer of 2011, for a June 2012 release date.