'Princess Diaries 3' Is Not Happening Contrary To Rumors! Why Anne Hathaway Might Not Reprise Her Royal Role?

Looks like the Crown Princess of Genovia may not be back again, contrary to rumors hinting a "Princess Diaries 3" film in the works.

According to a source close to Disney, speculations surrounding new "Princess Diaries" movie have been greatly overstated. Basically, a third installment is not happening, the insider confirmed.

Just a day after rumors surfaced that Disney is planning to make ""Princess Diaries 3," the studio swiftly quashed the story.

The original film starred acting newcomer Anne Hathaway as Mia Thermopolis. Hathaway then returned to the sequel with Julie Andrews as her co-star.

That being said, there are thin chances that Hathaway, who is now an Oscar winner, would want to return to the franchise, Daily Mail noted.

Anne Hathaway was just 18 when she portrayed the role of Mia, winning hearts of young girls the world over. Nevertheless, her Princess Diaries role was not just a blessing, as the actress revealed that she was labeled as a good girl.

"For the first eight years of my career I had to fight to get any other kind of job," Hathaway said in a 2012 Glamour interview. In fact, even Andrews who admitted in the past that she'd be open to making a third Princess Diaries film, didn't think Hathaway would be interested in "Princess Diaries 3."

Andrews said, "I would never say no because Disney's so wonderfully clever and inventive," Andrews said, "but I would think they'll stay with just the two because of Annie."

Since Andrews doesn't seem confident that her co-star would return, chances seem slim.

According to the Tracking Board, however there is a possibility that Disney may plan to reboot the "Princess Diaries" franchise, as there's a huge room for possibilities for a whole new aeon of Mia Thermopolis-like stories as Meg Cabot's Princess Diaries book series has umpteen materials to borrow from.

The 2001 Princess Diaries was based on Cabot's 2000 novel of the same name. However, nine other volumes of the series, and multiple half volumes are also available.

Cabot recently released the first adult installment of her series, " The Princess Diaries, Volume XI: Royal Wedding."