After months and months of discussion, Hasbro finally green lit its next project from their toy line. Hasbro announced a partnership with Relativity Media to develop a live-action film based on Stretch Armstrong, an iconic toy from the 1970s.

It will be Hasbro’s fourth venture into adapting one of the product lines into a live-action film. It follows after the successful “Transformers” and “G.I. Joe” franchises and the upcoming “Battleship” movie to premiere this summer.

“We are absolutely thrilled to partner with Hasbro, a company whose global reach and ability to innovate has made them immensely successful in the arena of brand re-imagination as evidenced by their legacy of creating such franchise as Transformers and G.I. Joe,” said Tucker Tooley, co-president of Relativity Media. “We look forward to bringing Stretch Armstrong to audiences worldwide.”

Stretch Armstrong was an action figure launched by Hasbro in 1976 and then re-launched in the 1990s. The original design is that the action figure could be stretched over and over and will always return back to its original form.

The film will be produced by Relativity’s CEO Ryan Kavanaugh (“The Fighter”), Hasbro’s CEO Brian Goldner (“Transformers”) and Hasbro’s senior vice president and managing director of motion pictures Bennett Schneir (“Battleship”). Tooley (“Immortals”) will be on board as executive producer.

“Stretch Armstrong” was originally under development with Universal Pictures with actor Taylor Lautner to star as Armstrong. With this new announcement, there is no word on whether Lautner is still attached to the project at this time.