A sequel to cult classic "Dirty Dancing" is moving ahead at Lionsgate with original star Jennifer Grey set to return. Grey had featured as Frances "Baby" Houseman opposite Patrick Swayze's Johnny Castle in the 1987 movie, directed by Emile Ardolino. The movie turned out to be a cultural phenomenon in the US as it grossed USD 218 million in global box office and won an Oscar for best original song "(I've Had) The Time of My Life," sung by Bill Medley and Jennifer Warnes. Courteney Cox Is All Set to Return As Gale Weathers in Scream Reboot

According to Variety, Lionsgate CEO Jon Feltheimer confirmed the sequel during the company's conference call with Wall Street analysts and said that it will be directed by filmmaker Jonathan Levine. "It will be exactly the kind of romantic, nostalgic movie that the franchise's fans have been waiting for and that have made it the biggest-selling library title in the Company's history," he said. Shrunk: Josh Gad Is ‘Frustrated’ Over His Film Honey I Shrunk the Kids Reboot’s Production Getting Halted

Feltheimer added that Grey, 60, will also executive produce the new movie.

The original film was followed by a 2004 sequel "Dirty Dancing: Havana Nights," featuring Diego Luna and Romola Garai. Swayze, who died of pancreatic cancer in 2009, had made a small appearance in the movie.