It has been three-decade wait for fans of The Goonies but, finally, wheels are turning on a sequel.

Film director Richard Donner has confirmed that a follow-up to his 1985 adventure classic will go ahead, with a storyline penned by Hollywood legend Steven Spielberg.

Spielberg co-wrote the script for the first movie, with the next set to take place 30 years later and feature Mikey, Brand and the rest of the characters’ children (just to make you feel old).

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“Of course (Spielberg) is involved,” Donner told TMZ. “Hopefully we’re gonna get this done, Steven loves it, he came up with the idea of doing the sequel.

"It was his idea, we couldn’t do it without him, we’ve been trying for a long time…and then he came up with another storyline and he’s right on.”

Sean Astin, Josh Brolin, Corey Feldman and Martha Plimpton from the original cast have logged their interest in making a second film with Donner, according to Nerdist. It remains unknown whether they will be returning for The Goonies 2.

The Goonies followed a gang of outsiders from an Oregon neighbourhood called Goon Docks. When their homes come under threat of demolition, they find an ancient map and embark on a treasure hunt.

As of yet there is no word on when The Goonies 2 may commence filming.