Basketball superstar LeBron James is being rumored to star in a sequel to "Space Jam," the unforgettable 1996 comedy film that featured Chicago basketball legend Michael Jordan and the famed Looney Tunes cartoon characters.

According to Wall Street Journal, James' production company, SpringHill Entertainment, recently signed a deal with Warner Bros, which distributed "Space Jam." This was enough for speculations of the Cavs basketballer headlining a follow-up to the movie to gain momentum.

The four-time NBA Most Valuable Player recently starred in Amy Schumer's debut feature film, "Trainwreck," which was quite a success. Sydney Morning Herald says that the superstar, who played himself in the movie, has scooped enthusiastic reviews in terms of his acting skills.

IGN recalls that James previously expressed his interest to make "Space Jam 2." Last year, there emerged reports that the sequel is already in development with the NBA superstar heading the cast. These rumors were shot down by his camp.

Since then, all hope was lost for the possibility, but now that this weighty piece of evidence has come up, fans have renewed confidence that "Space Jam" is not as much of a tall order as circumstances make it seem to be.

To add fuel to the speculation, Alex Weprin, a senior editor at Capital New York announced via his Twitter account that Warner Bros has already renewed trademarks for the said movie last month. Today, the deal arrived. Connecting the dots, one will think "Space Jam 2" is in the making.

Warner Bros. filed new trademarks for "Space Jam" last month. Today announced deal with LeBron James. pic.twitter.com/WaZ33sXCsY

— Alex Weprin (@alexweprin) July 22, 2015

In the announcement of the Warner Bros and SpringHill partnership, the latter's Chairman and CEO Kevin Tsujihara speak only words of admiration for James in an official statement picked up by Business Wire.

"LeBron James has one of the most powerful, well-known brands in the world and we are excited to be in business with him and his partner, Maverick Carter, and SpringHill Entertainment. The combination of LeBron's global media presence and Warner Bros.' unmatched production and distribution expertise is a big win for fans everywhere."

He added, "we're excited to welcome LeBron and Maverick to the Warner Bros. family and look forward to partnering on incredible projects that will connect with consumers across a variety of platforms."

Notably, Warner Bros. confirmed everything but James' participation in the follow-up. Whether one of these "incredible projects" will end up being the long sought-after "Space Jam 2," only time will tell. For now, what's set in stone is the partnership.