Disney has announced it is making a sequel to its 1964 classic Mary Poppins.

The live-action movie will be based on P.L. Travers’ series of books about the no-nonsense but magical nanny, Entertainment Weekly reports.

According to EW, Mary Poppins sequel will be directed by Rob Marshall and will see Mary return to the Banks family in London.

Anne Hathaway is already favorite to land the lead role, according to bookmakers William Hill.

She is the 6/1 favorite ahead of Emily Blunt at 7/1 while Anna Kendrick, Carey Mulligan and Meryl Streep are all 8/1.

“Hollywood’s leading ladies will all be vying for this role but given her striking resemblance to Julie Andrews, Anne Hathaway is the early favorite,” said William Hill spokesman Joe Crilly.

The action will take place about 20 years after the original, which was set in Edwardian London. The new story will be set in the Depression era.

EW reports that composers Marc Shaiman and Scott Wittman will write the songs for the new movie.

The original movie, starring Julie Andrews, was based mainly on the first volume of P.L. Travers’ Mary Poppins series.

The new movie will take inspiration from all eight volumes written by P.L. Travers, including Mary Poppins Comes Back, Mary Poppins in the Park and Mary Poppins in the Kitchen.

1964’s Mary Poppins won five Oscars, including best actress for Julie Andrews, best song – Chim Chim Cher-ee – and best visual effects.