"Bad Santa" is back. Billy Bob Thornton has agreed to suit up and reprise his role as mall Santa/conman Willie Soke in "Bad Santa 2," The Hollywood Reporter confirmed Thursday.

Miramax and Broad Green Pictures have agreed to co-finance and co-produce the long-awaited sequel for the dark holiday comedy. "Bad Santa 2" is targeting a 2016 holiday release. Principal photography is set to begin in January in Montreal.

"Billy Bob Thornton returns for Bad Santa 2!" Broad Green Pictures wrote on Facebook. "Broad Green, in partnership with Miramax, will release the highly-anticipated sequel for the 2016 holiday season."

It has been 12 years since the original "Bad Santa" hit theaters. The movie grossed $60 million domestically on a budget of $23 million. The sequel has reportedly been in the works since 2012.

"Bad Santa has been a part of our family holiday tradition ever since we all saw it together at our neighborhood theater," Broad Green Pictures CEO Gabriel Hammond and CCO Daniel Hammond said in a statement, according to Entertainment Weekly. "We are excited to bring this memorable character and new chapter back to the big screen."

Zanne Devine, Miramax executive VP film and television, added, "We've been waiting far too long to see Billy Bob's Willie Soke mess with the holiday season in his own unique way. We couldn't be more excited to partner with Billy Bob, the entire creative and producing team, and Broad Green and Sierra/Affinity to bring back the outrageous humor and characters that made this movie brand iconic in the first place."

Doug Ellin will direct the upcoming movie, with Geyer Kosinski producing. No news yet on who will be joining Thornton in the raunchy comedy sequel.

Thornton is currently promoting his film "Our Brand is Crisis," set to release Oct. 30.