Disney has announced the sequel to "Frozen" after a number of rumors.

During the Walt Disney Company's annual shareholders meeting on Thursday in San Francisco, the company revealed its plans, which had been under wraps for quite some time.

Jennifer Lee and Chris Buck, the directors of the original film, are currently developing the project with producer Peter Del Vecho for Walt Disney Animation Studios. The company however, did not reveal a release date and production details are yet to be announced. However, based on the way Disney works, more details will be revealed in the upcoming months.

The chief creative officer of Walt Disney and Pixar Animation Studios and director of "Toy Story" and "Toy Story 2," John Lasseter, made the announcement with Disney business CEO Bob Iger and Josh Gad, who voices the character of Olaf in "Frozen" and is known for his work on "Love & Other Drugs" and "Jobs."

The sequel doesn't come as much of a surprise, considering how the first film continues to be a major moneymaking force for Disney since its release Nov. 22, 2013 and helped revive the Walt Disney Animation Studios, which had been under a slump especially with competition from DreamWorks and the company's Pixar division. Additionally, Disney recently made a short film that will appear in front of "Cinderella" entitled "Frozen Fever." That film has already obtained a lot of buzz online.

It will be interesting to see if the sequel can relive the success of the original both at the box office and in the awards circuit. "Frozen Fever" already has a lot of buzz and that is only a short film. However, last year's sequels "The Amazing Spider-Man 2" and "Planes" demonstrated that audiences have franchise fatigue. "Frozen," however, become the next "Toy Story" for Disney, which is to date the company's biggest animated franchise.

When "Frozen" was released in 2013, the film went on to make $400 million domestically and went on to generate $1.3 billion worldwide at the box office. The animated flick also went on to win the Oscar for animated feature and for the hit song "Let it Go." It also won the Golden Globe, Critics Choice and BAFTA award.

"Frozen" has become a merchandising juggernaut, breaking sales records on home video and at Disney's stores. The movie is also being adapted for Broadway and it is currently playing on Disney's On Ice series. Princess Elsa has already become one of Disney's iconic princesses.

Disney is slated to continue to unveil more animated films this year as Pixar will return with the highly anticipated "Inside Out" in the summer and then the company will release "The Good Dinosaur."

The company recently made "Big Hero 6," "Tangled," "Brave," "Wreck It Ralph" and "Toy Story 3."