After months and months of speculation from fans of the respective franchises, Sony and Marvel are finally bringing Spider-Man and the Avengers back together, Lindsey Bahr of the AP reports.

The report stated that the deal between the two studios was announced late Monday, which will have the next Spider-Man movie being co-produced by Marvel Studios chief Kevin Feige, and Sony's Amy Pascal.

A $4 billion franchise, the next Spider-Man movie is scheduled for a July 28, 2017 release.

Various licensing agreements have prevented the union of the characters, despite having constant interaction in comic book storylines. Marvel Cinematic Universe characters Iron Man, Thor, and Captain America are among the superheroes that could be integrated into future Spider-Man movies, according to the AP report.

"Amy (Pascal) has been deeply involved in the realization of one the world's most beloved characters. Marvel's involvement will hopefully deliver the creative continuity and authenticity that fans demand from the MCU," Feige said in a released statement.

Pascal has recently announced that she will be moving from co-chair of Sony Pictures Entertainment to the head of a new production venture at the studio, the AP report says.

"This is the right decision for the franchise, for our business, for Marvel, and for the fans," Sony Chairman Michael Lynton was quoted saying.

"Spider-Man is one of Marvel's great characters, beloved around the world. We're thrilled to work with Sony Pictures to bring the iconic web-slinger into the Marvel Cinematic Universe, which opens up fantastic new opportunities for storytelling and franchise building," said Walt Disney Studios Chairman and CEO Bob Iger in a statement.

There have been rumors of a Sony-Disney partnership that have been stirred by fans for months.

The AP report calls the deal a "significant" partnership between rival studios Disney, who owns Marvel, and Sony, who possesses the rights to the Spider-Man character.