Warner Bros. and Mattel have teamed to bring a Hot Wheels movie to the big screen. Easily one of the most enduring and recognizable toy brands around, the miniature cars have been a staple of childhood for many over the decades. Now, with Mattel having recently launched their own movie division to help turn their properties into franchises, the iconic toy cars are going to be brought to life. This also expands upon the scope of the growing partnership between Warner Bros. and Mattel Films.

According to a new report, Mattel Films has officially inked a deal with Warner Bros. to finally make the Hot Wheels movie. Some version of the project has been in development since 2003, with McG attached at one point. Most recently, Legendary Pictures had been working on it, with Fast and Furious director Justin Lin attached to helm and Jeremy Renner set to star. But once the option expired, Mattel took the rights back and cut a new deal. Ynon Kreiz, Mattel's chairman and CEO, had this to say in a statement.

"We are excited to bring the thrill of a Hot Wheels live-action feature film to the big screen in partnership with Warner Bros. Pictures. Mattel Films has great momentum as it continues to execute on our commitment to bring global audiences new ways to experience the brands they love as we transform Mattel into an IP-driven, high-performing toy company."

For the time being, there are no story details in regards to how they intend to bring the toy cars to life. We also haven't been provided any information in regards to who could wind up in the director's chair, nor do we know who will pen the screenplay or who may be eyed to star. Though, since the deal just closed, that's not unusual.

But as far as popularity goes, there are few toys, if any, that can compete. The Hot Wheels brand debuted in 1968 and has since gone on to sell more than six billion cars over the years, with 500 million sold annually around the world. As far as brand recognition goes, there is a lot to build from. Warner Bros. chairman Toby Emmerich had this to say in a statement.

Related: Hot Wheels Movie Gets Fast & Furious Director Justin Lin

"Hot Wheels has been inspiring the imagination of kids around the world for over 50 years. We couldn't be more excited to be bringing the adrenaline, adventure, and excitement of Hot Wheels to the big screen."

Mattel Films also locked in a deal with Warner Bros. to make the Barbie movie, with Margot Robbie attached to star. The toy maker also recently cut a deal with Sony to finally get the Masters of the Universe reboot on the right track. There is no word on when the Hot Wheels movie could hit theaters, but we'll be sure to keep you posted as more details on the project come to light. This news was first reported by Variety.

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Ryan Scott