Credit: Scott Gries / Getty Images Photo: Blake Lively, Alexis Bledel, America Ferrera and Amber Tamblyn

Those magically-fitting jeans haven't worn out yet!

Deadline reports that Alloy Entertainment is developing a third movie in the Sisterhood of the Traveling Pants series.

This installment will be based on the fifth novel in Ann Brashares's book series — Sisterhood Everlasting — which sees Tibby organizing a trip to reunite the erstwhile best friends, who had been drifting apart during the previous decade.

A quartet of actresses best known for their TV roles starred in the first two movies — Ugly Betty's America Ferrera, Gossip Girl's Blake Lively, Gilmore Girls' Alexis Bledel, and Joan of Arcadia's Amber Tamblyn.

The two movies — released in 2005 and 2008 — raked in $86 million worldwide.

Liz W. Garcia — who most recently scripted the Kristen Bell movie The Lifeguard — will pen the screenplay for the third movie.

Meanwhile, Ken Kwapis, who directed the first movie, is set to return to the helm, and Alloy president Les Morgenstein hopes that all four women will return for the threequel, as well.

"The Sisterhood series is one of Alloy’s most cherished properties, and we are looking forward to continuing its legacy with Sisterhood Everlasting nearly a decade after the first film was released," he says. "The original film brought together an incredible group of talent [whom] we hope to unite for fans once again."

We hope so! No other women would rock those jeans quite as well.

Source: Deadline

Dan Clarendon is an assistant editor at Wetpaint Entertainment. Follow him on Twitter and Google+!