'Frozen 2' Release Date: Will Full Sequel Live Up to Hype, the Highest Grossing Animated Film of All Time?

Kids are starting to get excited again. Disney has confirmed that Elsa, Olaf, Anna and other major characters of the 2013 blockbuster "Frozen" and its short follow-up film "Frozen Fever" that debuted last month will be back.

Walt Disney and Pixar Animation Studios Chief Executive Officer John Lasseter made the announcement himself, during an annual shareholders meeting in San Francisco about three weeks ago.

"We enjoyed making 'Frozen Fever' so much and being back in that world with those characters," Lasseter said. "Jennifer Lee and Chris Buck have come up with a great idea for a sequel and you will be hearing a lot more about it and we're taking you back to Arendelle. We are so excited about that."

"Frozen Fever" debuted in theaters alongside Walt Disney Pictures' "Cinderella" last March 13. The computer-animated short film was directed by Chris Buck and Jennifer Lee and starred Kristen Bell, Idina Menzel, Jonathan Groff and Josh Gad.

There is no definite date as to when "Frozen 2" will be released as of yet. The first "Frozen" film took two years to create. Even if Disney wants to rush a full-length sequel to the highest-grossing animated film of all time, and the fifth highest-grossing film on record (nearly $1.3 billion), time is a major constraint.

Disney has three films due out before "Frozen 2" including "Moana" in 2018.

"We're not demanding speed," Disney's CEO, Robert Iger said in January, "We're demanding excellence."

However, even though "Frozen 2" may take more than three years to hit the screens, the excitement still remains. People have started speculating on the story line, the characters and everything else about the sequel.

All of the original cast members have expressed their interest to be part of the sequel, so it is expected that Menzel will reprise her role as Elsa, Bell will return as Anna and Gad will be back as Olaf.

There are rumors that Anna will discover her own powers in the sequel. While Elsa has the power of Winter, speculations have arisen that Anna will have the Power of Spring.

Rumor has it that there will be a new villain in "Frozen 2."

There are the naysayers though who are questioning the decision of Disney to produce a sequel. The studio has never really released an honest-to-goodness movie sequel to any of their movies, as most of the sequels made were direct to video projects which cost less, not made by the main studio and were not at par with the originals.

The thing is, "Frozen" has become such a phenomenon that it is definitely a very tough act to follow. Expectations are high and a whole generation of children are looking to Disney to create something that will not disappoint them.