Though the streaming giant would not comment on The Wrap ‘s report that a deal was in the works, sources close to the project confirmed the new development.

Paul Reubens is working with producer Judd Apatow and writer Paul Rust (The Pee-wee Herman Show on Broadway) to bring his iconic character back to the movies, and the long-awaited sequel was set up at Universal for several years. That’s no longer the case, with Netflix now positioned to distribute the film. In October, Reubens hinted to Jimmy Fallon on The Tonight Show that an announcement was imminent and that production would begin in February.