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"The search for the next James Bond is underway," Amazon MGM Studios said in a statement today.
"While we don’t plan to comment on specific details during the casting process, we’re excited to share more news with 007 fans as soon as the time is right,” they continued.
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They have already announced Dune's Denis Villeneuve as director and by Peaky Blinders creator Steven Knight as the film's writer.
Variety reported that Nina Gold one of Hollywood's most prestigious directors is taking the lead with casting in the search to find the next James Bond. Gold has worked on the Paddington, Star Wars, Jurassic Park and Mamma Mia! franchises and is now taking on the 007 franchise.
Some of the names brought into the mix for the next Bond and the bookies favourites include: Callum Turner, Jacob Elordi, Harris Dickinson, Henry Cavill, Aaron Taylor Johnson, and Theo James.
However, producers could shock the bookies and choose someone they don't expect. Whoever is chosen to play the next Bond will become the seventh official 007.
Amazon MGM Studios' head of film Courtenay Valenti said: "I know you're all wondering when we're going to announce who's playing James Bond. Please know that we're taking the time to do this with care and deep respect. It is the dream of a lifetime for all of us to bring audiences this next chapter, and it's a responsibility we don't take lightly."
"What I can tell you is this: When you pair one of the most beloved franchises in history with a world-class film-making team... you're setting the stage for something that's truly worthy of the Bond legacy. That film is coming, and when the time is right, we'll have much more to share," she continued.
The release date and plot details have yet to be released as producers are keeping their cards close to their chests.
Some of the best young actors' names are being thrown into the mix to take on the role of being the next Bond, although some are distancing themsleves from the franchise.
Kingsman star Taron Egerton revealed that he was not keen on the idea of taking on the role as he said "it would be wasted on me." When his name was brought into the mix he insisted, “No. And I don’t think I’m a good choice for it. I think I’m too messy for that.”
Another question that is on Bond fans' minds is who will be creating the next Bond song. Back in January, Noel Gallagher stated that he would "absolutely" write the next Bond theme song if asked and that it would be an "honour". "I think those kinds of things should be done by Brits," he continued.
In other news, Lana Del Rey released the new theme song for the new James Bond video game 007 First Light, which is set to come out May 27th. 'First Light' was created by Del Rey alongside five time Bond film composer, David Arnold. According to the game's description it is an original, reimagined origin story of James Bond. It follows a 26 year-old Bond at the very beginning of his journey in the world of espionage.