We reported back in March that there were rumblings about Pixar prepping Monsters Inc. 2, a sequel to the 2001 movie which made over $500 million worldwide. Now, Walt Disney Pictures has confirmed that it will release Pixar‘s Monsters, Inc. 2 in 2012.

The first Monsters, Inc. was released in 2001 and featured the voice talents of Billy Crystal and John Goodman. Disney Studios chairman Rich Ross addressed rumors about the sequel’s release at a recent press conference, saying that the follow-up is being targeted to hit theaters on November 16, 2012.