Tim Allen and Tom Hanks seem to be returning for Toy Story 5.

Buzz and Woody back in action

Buzz Lightyear, Andy, Wood, Toy Story

During an appearance on the Tonight Show, host Jimmy Fallon asked Allen about a fifth movie. “Bob Iger, head of Disney, said it was on,” Allen said about Toy Story 5.

He then revealed that both Hanks and himself have been reached out to about reprising their iconic roles. Allen then expressed his concern that they could be extending the franchise beyond its expiration date. However, one of the writers who “wrote one of the better ones,” said, “If I didn't get this right, I wouldn't do it.”

The Toy Story franchise is one of Disney's biggest moneymakers — hence the four previous installments. Across the installments, including the Lightyear prequel, the series has grossed over $3 billion worldwide. The first two films made $365 million and $511 million, respectively, but the last two have been the huge money-makers.

Toy Story 3 and 4 both made over $1 billion a piece at the box office. The recent Lightyear prequel film, which was led by Chris Evans assuming Allen's iconic voice role, flopped, however. Lightyear made just $218 million worldwide last year.

Tim Allen is known for his roles in the Santa Clause series and Last Man Standing. In Toy Story, he voices Buzz Lightyear, the partner in crime of Woody (Tom Hanks).

The Santa Clause franchise has been going  since 1994. Three total films were made before Allen came back to the series in 2022. The Santa Clauses is a new Disney+ series that is currently airing its second season on the streaming platform.