Hug me, brotha!

A Drake & Josh revival starring Drake Bell and Josh Peck is officially in the works, PEOPLE has confirmed.

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Bell, 32, teased the revival while walking the red carpet at the iHeartRadio Music Awards in L.A. on Thursday, revealing that the duo is currently in talks with several networks about a new show.

“We’re working on something,” Bell told PEOPLE. “I’m excited. I think we have a great idea.”

Image zoom Drake Bell Xavier Collin/Image Press Agency/NurPhoto via Getty Images

Drake & Josh originally aired on Nickelodeon from 2004-07. The sitcom starred Bell and Peck, also 32, as stepbrothers navigating their new sibling relationship while trying to survive the highs and lows of high school.

Image zoom Nickelodeon

“[The show] is going to be way more creative, way cooler than just you know the college years or something like that,” Bell said of the reboot. “We knew that if we were ever going to come back, it’s got to be something cool. I’m excited to see what the fans think.”

Image zoom Josh Peck and Drake Bell Paul Archuleta/FilmMagic

While Bell kept tight-lipped about what fans can expect from the new project, a source tells PEOPLE it will “be more adult and really funny.”

Bell said he couldn’t be more excited to work alongside Peck again.