Warner Bros. and Village Roadshow Pictures are partnering on the film, which is set to once again feature Downey as the iconic British detective, while Law will play his famous sidekick, Dr. Watson.

From a script by Chris Brancato, Sherlock Holmes 3 will hit theaters 10 years after the first sequel, Sherlock Holmes: A Game of Shadows, debuted in December 2011 on its way to earning $545.4 million at the worldwide box office.

Sherlock Holmes, which was released Dec. 25, 2009, earned $524 million globally. Guy Ritchie directed the first two films.