(Photo: Marvel Studios)

A third Spider-Man film starring Tom Holland and set in the Marvel Cinematic Universe is happening following a deal being reached between Sony and Disney. The story which will build on the events of Peter Parker's story from Spider-Man: Homecoming and Spider-Man: Far From Home will debut in theaters on July 16, 2021.

"I am thrilled that Spidey’s journey in the MCU will continue, and I and all of us at Marvel Studios are very excited that we get to keep working on it,” said Marvel Studios president Kevin Feige. “Spider-Man is a powerful icon and hero whose story crosses all ages and audiences around the globe. He also happens to be the only hero with the superpower to cross cinematic universes, so as Sony continues to develop their own Spidey-verse you never know what surprises the future might hold.”

This marks the fourth Marvel Cinematic Universe movie set for release in 2021, as Spider-Man 3 joins Shang-Chi and the Legend of the Ten Rings, Doctor Strange in the Multiverse of Madness, and Thor: Love and Thunder. There will also be a set of Disney+ shows set in the MCU coming in 2021, made up of Loki, WandaVision, Hawkeye, and What If...?.

Phase 4 of the MCU also includes a 2020 slate of titles: Black Widow, Eternals, and the Disney+ series Falcon and Winter Soldier. Whether or not 2022's Black Panther sequel is a part of Phase 4 or Phase 5 is unknown.

"Peter Parker’s story took a dramatic turn in Far From Home and I could not be happier we will all be working together as we see where his journey goes," Sony's Amy Pascal said. "This has been a winning partnership for the studios, the franchise and the fans and I’m overjoyed it will continue.”

Spider-Man: Far From Home topped $1 billion, making it the biggest Spider-Man movie to date. It built on a total for Spider-Man: Homecoming of $880 million worldwide.

Following the third Spider-Man film, Tom Holland's Peter Parker can appear in other Marvel Studios movies or Sony movies, though joint productions between the studios will not continue.