The Walt Disney Co. is in production on Toy Story 3, via its Pixar Animation Studios, John Lasseter, chief creative officer of Pixar and Disney Animation Studios, said Thursday.

According to The Hollywood Reporter, in an appearance during Disney's annual shareholder meeting in New Orleans, Lasseter said: "We are finally in production on Toy Story 3," adding the film is scheduled to come out in 2010. Tom Hanks and Tim Allen are back on board to voice Buzz Lightyear and Woody.

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The screenplay is by Michael Arndt, who just won the original screenplay Academy Award for Little Miss Sunshine, according to Lasseter, who said: "We got a great story."