Almost three decades after 'Top Gun' raked in over $350 million at the box office and earned the Oscar for best soundtrack - "Take My Breath Away," production of the film's sequel is currently underway.

Latin Post quotes a report in Collider stating that the news as recently confirmed by Skydance CEO David Ellison. In addition to confirming that production of 'Top Gun 2' is underway, Ellison said that Tom Cruise will return to reprise his role as Lt. Pete "Maverick" Mitchell.

According to Ellison, "Justin Marks is writing the screenplay right now." Skydance CEO added, "He has a phenomenal take to really update that world for what fighter pilots in the Navy have turned into today."

It is expected that the upcoming film will make a hint at the prevailing trend in military warfare of drone technology as well as the fifth generation fighters. "It's really exploring the end of an era of dog-fighting and fighter pilots and what that culture is today," Ellison said.

Meanwhile, referring to Cruise's role in 'Top Gun 2,' The New York Daily News reported that Ellison maintained, "There is no 'Top Gun' without Maverick, and it is going to be Maverick playing Maverick."

However, as of now, there is no confirmation regarding whether or not any of the other surviving and original cast members like Kelly McGillis (Charlotte "Charlie" Blackwell), Val Kilmer (Lt. Tom "Iceman" Kazanski), Tim Robbins (Lt. Samuel "Merlin" Wells) and Meg Ryan (Carole Bradshaw), will be returning for the sequel of 'Top Gun,' which was the highest grossing film of 1986.

'Top Gun 2' will also be filmed in 3D and IMAX. As of now, there is no word as to when the movie is scheduled to hit the theaters.